Uber Stock Prices Surge Despite $2.9 Billion USD Net Loss in Q1 2020

Gaining 11% in regular trading.

Tech 
5,021 Hypes 3 Comments

Despite reporting a net loss of $2.9 billion USD in Q1 of 2020, ride-hailing giant Uber has seen its stock prices surge by more than 11 percent.

The financial results were reported by the company on Thursday, which originally caused a dip in its stock prices. While it generated a revenue of $3.54 billion USD, with $10.87 billion USD in gross bookings for Rides and $4.68 billion USD in gross bookings for its food delivery component Eats, Uber has nonetheless suffered a net loss of $2.9 billion USD, as well as a $1.70 USD drop per share throughout the quarter. However, its stock prices rallied back and surged 11 percent during regular trading when the company’s CEO Dara Khosrowshahi voiced his optimism that its ride volume is increasing again with social distancing rules relaxing, with after-hours leading to another increase as much as 10 percent.

“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 Khosrowshahi. “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. Our global footprint and highly variable cost structure remain an important advantage, as our expectation is that the Rides recovery will vary by city and country.”

The news comes after Uber announced that it would be laying off a staggering 3,700 employees, amounting to roughly 14 percent of the company’s 26,900-person workforce by the end of 2019. Its CEO will also forgo his base salary of $1 million USD for the rest of this year.

For Uber’s full Q1 2020 report, head over to its website now.

Elsewhere in business-related news, Elon Musk has unlocked the first tranche of his Tesla stock options.

Read Full Article

What to Read Next

New Balance Goes Autumnal With Its Latest 9060 Colorway
Footwear

New Balance Goes Autumnal With Its Latest 9060 Colorway

A masterclass in muted tones.

Essentials: Lauv
Fashion 

Essentials: Lauv

The singer-songwriter shares his cherished items as he drops his sophomore ‘All 4 Nothing’ album.

Rosario Dawson Claimed Jon Bernthal Is Returning for 'The Punisher'
Entertainment

Rosario Dawson Claimed Jon Bernthal Is Returning for 'The Punisher'

“I can’t be trusted…!”


Meet Jamps, The Studio Making One-Offs From Its Own Scrap Metal
Design 

Meet Jamps, The Studio Making One-Offs From Its Own Scrap Metal

Founders Martha McGuinn and Tom Pearson on turning workshop trash into furniture treasures.

Bad Bunny Surprise Drops New Album 'Las Que No Iban A Salir'
Music

Bad Bunny Surprise Drops New Album 'Las Que No Iban A Salir'

Translating to ‘The Ones That Weren’t Going to Come Out.’

Singapore Enlists Boston Dynamics' Robot Dog to Enforce Social Distancing in Parks
Tech

Singapore Enlists Boston Dynamics' Robot Dog to Enforce Social Distancing in Parks

“For your own safety and for those around you, please stand at least one meter apart. Thank you.”

A Bathing Ape Pits Shark Against Tiger in New Indigo-Dyed Capsule
Fashion

A Bathing Ape Pits Shark Against Tiger in New Indigo-Dyed Capsule

Tees, caps, coats and more.

Tread Lightly in Monopoly's New 'Breaking Bad' Board Game
Entertainment

Tread Lightly in Monopoly's New 'Breaking Bad' Board Game

Players can buy, sell and trade various locations from the show, from Saul Goodman’s law firm to Los Pollos Hermanos.

The Streets Shares New Lockdown Single "Where The F*&K Did April Go"
Music

The Streets Shares New Lockdown Single "Where The F*&K Did April Go"

A b-side track for April’s “Call My Phone Thinking I’m Doing Nothing Better” single.


KAPITAL Releases Kachina Bandana Holders
Fashion

KAPITAL Releases Kachina Bandana Holders

Celebrating ancestral spirits of the Pueblo Native Americans.

PLEASURES Celebrates Legacy of The Flaming Lips With Latest Collaborative Capsule
Fashion

PLEASURES Celebrates Legacy of The Flaming Lips With Latest Collaborative Capsule

Sharing a free-spirited mentality of open-mindedness.

discord Yohji Yamamoto Releases Leather Goods With Naoya Inose
Fashion

discord Yohji Yamamoto Releases Leather Goods With Naoya Inose

Channeling the artist’s works from ‘Romantic Depression.’

BMW Releases an M8 GTE Electric Car for Kids
Design

BMW Releases an M8 GTE Electric Car for Kids

For the future racer.

'Parasite' Producer CJ to Develop English Remake of Cult Korean Movie 'Save The Green Planet!'
Entertainment

'Parasite' Producer CJ to Develop English Remake of Cult Korean Movie 'Save The Green Planet!'

Tapping ‘Midsommar’ and ‘Hereditary’ duo Ari Aster and Lars Knudsen.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.