Uber shares shoot up after CEO says ride volume is increasing again after April bottom.
. The company's shares initially dipped after hours, but then shot up as much as 10% as CEO Dara Khosrowshahi expressed optimism that ride volume is picking up again after bottoming out in mid-April. The move came on top of an 11% gain during regular trading.The net loss of $2.9 billion, total, included $2.1 billion in impairment charges from companies in which Uber has a stake, but represented Uber's biggest loss in three quarters.
Gross bookings in Uber's core business segment, Rides, fell 5% from a year ago. However, on the company's earnings call, Khosrowshahi said that the Rides business was down around 80% in April from last year, but also gave reason for optimism, saying that ride volume had increased in each of the last three weeks.
In addition, gross bookings for its food delivery segment, Eats, were up more than 50% year-over-year as more people ordered food for delivery at home, and a greater variety of restaurants signed up to offer delivery, too. Khosrowshahi said that the company believes these cultural shifts could be long-lasting.
"The big opportunity we thought Eats was just got bigger," the CEO said. And he hinted at new services to enable retailers to send packages to customers using Uber's platform. According to Refinitiv, analysts were expecting a loss of 88 cents per share and revenue of $3.5 billion. However, estimates range widely, and comparing Uber's actual results with these isn't straightforward given the unpredictable spread and impact of Covid-19.
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