Uber expects drop in quarterly revenue due to coronavirus pandemic
Uber
Uber Technologies Inc expects the revenue to decline by $17 million to $22 million in the quarter. It also said it expected an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak.
The company is expected to report results for the first quarter on May 7.
The company withdrew its 2020 forecast for gross bookings, adjusted net revenue and adjusted EBITDA, and said the initiatives taken in response to the outbreak, including financial assistance for drivers and delivery people, would be accounted into its first- and second-quarter revenue. It had, last month, promised 10 million free rides and food deliveries to healthcare workers, seniors, and people in need, during the period of lockdowns put in place to stem the spread of the coronavirus.
Uber expects GAAP revenue to fall by about $17 million to $22 million in the first quarter, and by about $60 million to $80 million in the second quarter.
The investments will be reduced by an estimated range of $1.9 billion to $2.2 billion during the first quarter ended March 31, the company said.
Shares of Uber were up about 6.6 per cent in extended trading.
)
Lightning bolt strikes football field in Thailand, killing a player during a match
)
Several Indian states ban analogue paneer: Experts explain what it is and the health risks | WION Decodes
)
Trump administration refunds $100 billion in tariffs after Supreme Court ruling
)
'I would like to support...': Sonam Wangchuk reveals if he will join Jharkhand student protesters in Ranchi
)
'Dhoni Made Fleming Great': Panesar says ECB made the wrong choice for England Test coach
)
Mark Zuckerberg apologises to Indian government over harmful content, platform errors amid PM video row
)
'Affront to our sovereignty': Bangladesh slams India over Sheikh Hasina's Delhi press conference
&im=FitAndFill=(700,400))
Why Russian tanks are much lighter compared to US tanks
)
Strait of Hormuz deal with Oman being ‘finalised’: Iran’s foreign ministry
&im=FitAndFill=(700,400))
Who is Shreya Kalra? Meet the social media star who lifted the Lock Upp 2 trophy
&im=FitAndFill=(700,400))
New OTT releases this week (August 3-9, 2026): Main Vaapas Aaunga, Uyir, Operation Safed Sagar- 6 titles coming on Netflix, Prime Video and more
)
Munir-protege Mohsin Naqvi’s claim of unearthing huge scam triggers tremors in Pakistan’s power corridors
)
CJP's Saurav Das alleges YouTubers broke into his house, seeks Delhi Police action
)
Ukrainian astronomers see gargantuan objects dashing at 39,600 kmph on the Moon - 'They can reach Earth in 20 minutes'
)
Ex top Pakistan official blames economic woes on China: Here's how CPEC became a failure
)
Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot
)
What’s happening in Nepal? How did a local clash turn into communal violence? WION Decodes
)
India deploys joint outbreak response team as Chandipura virus spreads in Gujarat, Rajasthan
)
India avoids higher US tariff, secures lower 10% rate. Here's how
)
Planning to study or work in the US? One missing document could now cost Indians their US visa or green card
)
The genetic roots of Tamils: 75,000 DNA markers decoded in latest study of Sangam-era settlement
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
'I was almost trafficked in Paris,' says Australian woman, shares terrifying ordeal - 'I am on the black market'
)
‘Pakistan called for ceasefire, we kept them waiting’: Ex-CDS Anil Chauhan recalls Operation Sindoor
)
Sajeeb Wazed raises Indian security concerns, calls Bangladesh a 'failed state'
)
UP gangster Atiq Ahmed's son, on way to meet jailed brother, killed in road accident in Jhansi
)
After NEET protests, CJP holds crucial strategy meet in Maharashtra to chart national expansion
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
&im=FitAndFill=(700,400))
From Jos Buttler to Kieron Pollard, 5 highest run-scorers in T20 cricket