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Uber reports $2.9 billion quarterly loss during pandemic

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Uber misplaced $2.9 billion in the first quarter of 2019, its largest loss in three quarters. The corporate additionally reported $3.54 billion in income. Gross bookings in its ride-hailing enterprise fell Three p.c, whereas bookings in its Uber Eats division had been up greater than 54 p.c 12 months over 12 months, because of elevated demand for meals deliveries.

Uber’s ride-hailing enterprise has plummeted a results of widespread shutdown orders as a result of pandemic. The corporate introduced this week that it could lay off 3,700 full-time staff, or about 14 p.c of its workforce. One other 400-plus staff from Uber’s Leap bike and scooter division can even be laid off as a part of an funding cope with Lime, The Information reports.

In a name with traders in March, Uber CEO Dara Khosrowshahi mentioned the corporate’s gross bookings in most main cities had been down by as a lot as 70 p.c. Its general enterprise was reported to be down 80 p.c 12 months over 12 months. Latest good points in its meals supply Uber Eats division have did not make up for large losses in its core ride-hailing product.

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