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Uber Misses Earnings in Q1 on $2.1B Writedowns; Eats Jumps 54%

Stock Markets May 07, 2020 04:28PM ET
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By Yasin Ebrahim 

Investing.com - Uber (NYSE:UBER) reported bigger-than-expected losses in the first quarter of the year after suffering writedowns of $2.1 billion in overseas investments after the coronavirus pandemic brought ride-sharing activity to a halt.

Uber was down 4% following the report.

Uber reported a loss of $1.70 a share, missing estimates for a loss of 90 cents a share, but revenue of $3.54 billion topped estimates.

The weaker results come as Covid-19 pandemic dented growth in its ride-sharing business but underpinned a jump in activity in its faster-growth business, UBER Eats.

“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 Dara Khosrowshahi, CEO. “Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up."

Gross bookings, a measure of total value of rides before driver costs and other expenses, rose 15% to $15.8 billion from a year ago, with Eats growing 54% year over year.

The company grew monthly active consumers 11% to 103 million in the quarter.

 

Uber Misses Earnings in Q1 on $2.1B Writedowns; Eats Jumps 54%
 

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Comments (7)
Joanna Yin
Joanna Yin May 07, 2020 5:29PM ET
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stock still up when it lose more money... lol... it is US stock market. thank Powell pump no-cost unlimited money into market
Hankyeol Ha
Hankyeol Ha May 07, 2020 5:16PM ET
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I own a restaurant in DC and my half of profit comes from UBER eats after shutdown. Food delivery industry growing so quick and uber has advantage that they have drivers everywhere.
Steven Vicedomini
Steven Vicedomini May 07, 2020 4:57PM ET
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Uber is the worst of the worst and should not be public how do you have a company consistently showing losses in billions of dollars go public that's why investors are jumping ship just like the former CEO walked away they're on a downward spiral and I personally hope they continue to spiral
Bob Dreyer
Bob Dreyer May 07, 2020 4:40PM ET
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No surprize
SJ Song
SJ Song May 07, 2020 4:37PM ET
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The actual loss is $0.48.
Lukman Firdaus
Lukman Firdaus May 07, 2020 4:37PM ET
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;65% $ 678.000
Emmanuel Aprilakis
Emmanuel Aprilakis May 07, 2020 4:35PM ET
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Awful numbers, wow
Billy Thompson
Billy Thompson May 07, 2020 4:35PM ET
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Yep. Im sure they'll be up 10% shortly
SJ Song
SJ Song May 07, 2020 4:35PM ET
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Like i noted, excluding the writedown the loss from operations is 0.48 better than last year
 
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