Uber has pushed its target to achieve a measure of profitability to a quarter in 2021, reversing a decision made just three months ago to move up the goal to the end of this year. Uber will miss its target to reach an adjusted EBITDA quarterly profit in the fourth period of 2020, CFO Nelson… Continue reading Uber pushes adjusted quarterly profit target to 2021
Tag: Uber
Uber: Uber Announces Results for First Quarter 2020
SAN FRANCISCO–(BUSINESS WIRE)–Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2020. Financial Highlights for First Quarter 2020 Gross Bookings grew to $15.8 billion, up 8% year-over-year, or 10% on a constant currency basis, with Rides declining 3% and Eats growing 54% year-over-year, respectively, on a constant currency basis.… Continue reading Uber: Uber Announces Results for First Quarter 2020
Uber leads $170M Lime investment, offloads Jump to Lime
Lime has announced that it has raised a $170 million funding round. Uber is the leading investor with existing investors Alphabet, Bain Capital Ventures, GV and others also participating. The Information first reported on the new funding round before the official announcement. As part of the deal, Lime is also acquiring Uber’s micromobility subsidiary Jump.… Continue reading Uber leads $170M Lime investment, offloads Jump to Lime
Lyft surges 17% after posting a narrower-than-expected quarterly loss as coronavirus hit the ride-hailing industry (LYFT)
Reuters Shares of Lyft surged as much as 17% shortly after the market opened Thursday following the company’s better-than-expected first-quarter earnings results. Despite the impact of the coronavirus pandemic, which has hit the ride-hailing sector hard, Lyft’s results exceeded Wall Street’s expectations. The company beat estimates for revenue, and posted a narrower loss than analysts… Continue reading Lyft surges 17% after posting a narrower-than-expected quarterly loss as coronavirus hit the ride-hailing industry (LYFT)
Uber lays off hundreds in Egypt amid global cuts, staff says
CAIRO, May 6 (Reuters) – Uber Technologies Inc laid off hundreds of office-based staff in Egypt on Wednesday as the ride-hailing firm made wider cuts amid the fallout from the new coronavirus, one current and two former employees said. The former employees, both of whom lost their jobs on Wednesday, and one employee who retained… Continue reading Uber lays off hundreds in Egypt amid global cuts, staff says
Lyft sees rider demand rebound in late April, ‘on path to profitability’
(Reuters) – Lyft Inc (LYFT.O) on Wednesday surprised investors with higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable as the U.S. coronavirus lockdown batters the economy. FILE PHOTO: A Lyft driver wears a mask during the coronavirus outbreak, as he leaves passengers in the U.S. Capitol Hill neighborhood in Washington,… Continue reading Lyft sees rider demand rebound in late April, ‘on path to profitability’
UPDATE 1-Uber to cut 3,700 jobs, CEO Khosrowshahi to waive base salary
FILE PHOTO: Uber’s logo is pictured at its office in Bogota, Colombia, December 12, 2019. REUTERS/Luisa Gonzalez (Reuters) – Uber Technologies Inc (UBER.N) will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the remainder of the year, the company said on Wednesday, as the COVID-19 pandemic… Continue reading UPDATE 1-Uber to cut 3,700 jobs, CEO Khosrowshahi to waive base salary
Uber to cut 3,700 full-time jobs; CEO to waive base salary
FILE PHOTO: Uber’s logo is pictured at its office in Bogota, Colombia, December 12, 2019. REUTERS/Luisa Gonzalez (Reuters) – Uber Technologies Inc (UBER.N) said on Wednesday it will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will waive his base salary for the remainder of the year. The ride-hailing company expects to… Continue reading Uber to cut 3,700 full-time jobs; CEO to waive base salary
Uber rival Bolt aims to launch scooters in 45 cities
TALLINN, May 6 (Reuters) – Estonian ride-sharing service Bolt on Wednesday launched its own electric scooter model and said it aims to launch the scooter service in more than 45 cities this summer. Bolt, which has grabbed business from Uber mostly in major African cities and Eastern Europe, has more than 30 million users in… Continue reading Uber rival Bolt aims to launch scooters in 45 cities
Uber CEO tells employees that it is finalizing layoffs as fears circulate among staff that 4,000 jobs will be cut (UBER)
Uber’s CEO told employees during an all-hands meeting on Tuesday that it was close to finalizing layoffs, saying that plans would be announced within two weeks. Some employees think layoffs could hit next week, with one source telling Business Insider that the company could trim 4,000, including attrition. The company has already slashed jobs at… Continue reading Uber CEO tells employees that it is finalizing layoffs as fears circulate among staff that 4,000 jobs will be cut (UBER)