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@Avalon.red

Uber loses $2.9bn after being hammered by the pandemic

by LLB Reporter May 9, 2020

written by LLB Reporter 9^th May 20 3:18 pm

In the first quarter Uber has lost $2.9bn after their overseas investments were severely struck by the coronavirus pandemic.

The company are offloading their scooter and bike business to Lime who are investing $85m.

“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 chief executive Dara 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.”

Last week, the ride hailing business Uber have announced they are to axe 3,700 as the coronavirus lockdown has affected their business.

In a stock market filing the company said the plan “to reduce its operating expenses in response to the economic challenges and uncertainty resulting from the Covid-19 pandemic and its impact on the company’s business.