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Coronavirus clobbers Uber, leading to $1.8 billion quarterly loss

Enlarge / Passengers load their luggage into their Uber cars at Sydney Airport on August 05, 2020. (credit: James D. Morgan/Getty Images)
The coronavirus pandemic hammered Uber’s finances in the second quarter of 2020, the company announced on Thursday. Gross bookings for Uber’s core ride-hailing business plunged by 75 percent compared with a year earlier—from $12.2 billion to $3 billion.
That was offset somewhat by rapid growth in Uber’s delivery business. Delivery bookings more than doubled from $3.4 billion to $7 billion.
The company lost $1.8 billion in the second quarter on a GAAP basis. Ignoring one-time charges, Uber has been losing around $1 billion per quarter for the last couple of years.Read 6 remaining paragraphs | Comments
Source: Car news one

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