Uber reveals first-quarter losses of $2.9 billion as the coronavirus pandemic cripples ride-hailing
a first-quarter financial loss of $2.9 billion that was wider than Wall Street had expected, sending shares down about 4% in after-hours trading. Adjusted net income: $1.70 versus an expected $0.
75 per shareas much of the world was hit with shelter-in-place orders. Uber has relied heavily on Uber Eats to make up for the losses, and the company said it saw a 52% increase in gross bookings for the delivery segment to $4.68 billion.
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California Sues Uber, Lyft For Not Making Drivers EmployeesI’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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