Transportation service company Uber is at its worst. Its results presented on Thursday show that it lost $ 2.9 billion in the first quarter, almost triple from a year ago. According to his boss Dara Khosrowshahi, the person responsible for this situation is none other than the Covid-19 pandemic which "hit the bookings of chauffeured cars hard."
Dara Khosrowshahi seeks to reassure
Not all of Uber's business has a knee on the ground. The home meal delivery service thus benefited from containment, with sales up 53% to 819 million. But it's still a meager portion of the 3.5 billion in total revenue. "We are encouraged by the recent increase in food deliveries and by the first signs of reopening of certain markets," therefore tried to reassure Dara Khosrowshahi.
In the detail of the accounts, we can see that the gross reservations of trips decreased by 5% in one year to 10.9 billion dollars, while those of Uber Eats jumped by 52%. Uber must therefore resolve to lower its claims. While the San Francisco-based company plans to achieve the long-awaited profitability in the last quarter of 2020, it said on Thursday that this target would be delayed by several quarters - but not by several years.
These bad numbers come as no surprise to analysts. Proof is: the title of the group listed on the stock exchange a year ago lost only nearly 2% in electronic trading after the close of Wall Street Thursday. The market actually expected these losses. On Wednesday, in fact, Uber announced the reduction of 3,700 jobs among the teams responsible for recruiting and providing user information to reduce costs in the face of the serious crisis caused by the new coronavirus.
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