Uber loss widens to $2.9 bln amid global coronavirus lockdowns

Logo of the Uber is seen on a smartphone screen as a picture of stock exchange graph is displayed on a computer screen in this illustration picture, May 7, 2019. (Reuters)

Uber on Thursday said its loss widened to $2.9 billion in the first quarter as the ridesharing giant absorbed the impact of the global coronavirus pandemic lockdown and pointed to signs of a tentative recovery.

The San Francisco-based company said ride bookings were up eight percent in the first three months of the year despite the lockdowns that began in the final weeks of the quarter.

It saw 54 percent growth in its Eats restaurant take-away delivery service, though, as people ate in to avoid the coronavirus.

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Uber shares drifted lower in after-market trades in a market braced for the crisis to take a heavy toll on the “sharing economy” giant.

“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,” said Uber chief executive Dara Khosrowshahi.

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Last Update: Wednesday, 20 May 2020 KSA 10:02 - GMT 07:02
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