Uber Suffers the biggest loss of $2.9 Billion in Q1

Uber faced an unprecedented $2.9 billion loss in the first three months of this year, the ride hailing service provider announced on Thursday. 

 Although it could be impossible to gauge the effect of the pandemic on its overall profits before the next year, the corporation reported revenue of $3.5 billion in the first three months of the year, a 14 percent rise from the previous year. 

The Uber Eats division grew more than 54 percent year-on-year due to rising demand for food supplies. 

Uber’s hailing company has collapsed as a result of general suspension orders related to the pandemic. The company reported this week that 3,700 full-time employees, or about 14 per cent of its workers, would be laid off. Around 400-plus staff from Uber’s Jump bike and scooter division will also be laid off. The Details says. 

Gross bookings are also beginning to gain from an 80 per cent slump, Uber said, with four straight weeks of growth offering some “limited hope.” Shares of the group rose by as much as 8 percent after-hour trading, as executives noticed signs of progress. 

While our Rides company has been hard hit by the current pandemic, we have taken swift steps to maintain the resilience of our balance sheet, concentrate additional energy on Uber Eats, and brace for every recovery scenario. 

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Nayab Khan

Nayab Khan is a freelance tech-writer whose specialty is absorbing the key data and articulating the most important points. She helps IT based organizations communicate their message clearly across multiple channels.

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