Uber loss | Pixr8 News

9May By AnkitaNo Comments

BUSINESS

Uber Post USD 2.9 billion Loss in Q1 2020

Uber lost USD 2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic, but the company is looking to its growing food delivery business and aggressive cost-cutting to ease the pain. The ride-hailing giant said it is offloading Jump, its bike and scooter business, to Lime, a company in which it is investing USD 85 million. Jump had been losing about USD 60 million a quarter. While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario, said CEO Dara Khosrowshahi in a statement. Along with the surge in food delivery, we are encouraged by the early signs we are seeing in ma...

Uber Loss Widens amid Costs Rise

5th Nov 2019, California- Cab aggregator firm Uber posted a third-quarter result which shows the loss of the company widens in each quarter of 2019. The reason for these losses is deep discounts and invests heavily in loss-making new business ventures, said the ride-hailing company. After the announcement of third-quarter results, Uber shares drop 5.5% in after-hours trading. However, Uber said it would be profitable by the end of 2021 as quarterly revenues, driven by its global ride-hailing business, beat expectations. Uber Chief Executive Dara Khosrowshahi told Pixr8 News, "the company as a whole would achieve adjusted EBITDA profitability for the full year of 2021, but declined to provide details on the performance of individual business units by that time." As per the ...

Uber Posted Huge $5 Billion Loss, Share down 6 Percent

Cab aggregator service Uber posted a record $5.2 billion loss in the second quarter report, as growth in its core ride-hailing service got slow. After the announcement of Second-quarter results, Uber shares down 6%. Uber’s second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in “driver appreciation” related to the stock sale. The second-quarter report caught Uber investors off guard because Uber’s rival Lyft had raised revenue expectations and described an easing price war. “Our platform strategy continues to deliver strong results, with trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of l...