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

Gaining 11% in regular trading.

By
Tech 
4,715 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

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.

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.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.