Uber reports $2.9 billion quarterly loss during pandemic
Uber lost $2.9 billion in the first quarter of 2019, its biggest loss in three quarters. The company also reported $3.54 billion in revenue. Gross bookings in its ride-hailing business fell 3 percent, while bookings in its Uber Eats division were up more than 54 percent year over year, thanks to increased demand for food deliveries.
Uber’s ride-hailing business has plummeted a result of widespread shutdown orders due to the pandemic. The company announced this week that it would lay off 3,700 full-time employees, or about 14 percent of its workforce. Another 400-plus employees from Uber’s Jump bike and scooter division will also be laid off as part of an investment deal with Lime, The Information reports.
In a call with investors in March, Uber CEO Dara Khosrowshahi said the company’s gross bookings in most major cities were down by as much as 70 percent. Its overall business was reported to be down 80 percent year over year. Recent gains in its food delivery Uber Eats division have failed to make up for big losses in its core ride-hailing product.
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Uber lost $2.9 billion in the first quarter of 2019, its biggest loss in three quarters. The company also reported $3.54 billion in revenue. Gross bookings in its ride-hailing business fell 3 percent, while bookings in its Uber Eats division were up more than 54 percent year over year, thanks…
