Transportation is halted. The economy is at a standstill. No one wants to get into a car that was just used by a stranger.
All of those factors contributed to stunning quarterly losses for Uber Technologies, which reported its first post-coronavirus earnings this afternoon—a day after revealing that it would shed 14% of its workforce.
Although the ride-hailing giant is no stranger to eye-popping cash burns, it topped itself in the first three months of 2020 with a net loss of $2.9 billion. That figure includes $277 million in expenses Uber attributed to stock-based compensation along with $2.1 billion in “pretax impairment write-downs.” The company also said its COVID-19 response initiatives impacted revenue by $19 million.
Here are the top-line numbers from the report:
- Revenue: $3.5 billion, up 14%
- Loss per share: $1.70, compared to $2.26 last year
- Net loss: $2.9 billion, compared to $1.02 billion last year
- Gross bookings: $15.8 billion, up 8%
In a statement, Uber CEO Dara Khosrowshahi acknowledged that the company’s overall rides were “hit hard by the ongoing pandemic,” but he highlighted a surging demand for food delivery as stay-at-home orders keep people locked in their homes. He also said “early signs” of a rebound are already on the horizon as some markets begin to reopen.
“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,” Khosrowshahi said.
For now, investors appear somewhat placated. Uber shares were up more than 11% in after-hours trading.
You can check out the full report here.