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Uber goes public after losing 3 billion in the last quarter to the coronavirus


Uber shares are leaving more than 1% on Wall Street's after hours market, which picks up after-hours trading after declaring revenues 3,540 million, 14% more than in the same period of the previous year. In addition, it has presented a profit per share (EPS) of $ 1.70.

Falls occur after close the ordinary session with a revaluation greater than 11%. What is punishing the market the most is that has lost 3,000 million in the last quarter due to the crisis caused by the coronavirus. In the same period last year, it declared losses of 1,010 million.

"Our travel business has been hit by the ongoing pandemic"Dara Khosrowshahi, CEO of Uber, explained how the global crisis has affected them in a statement

However, they explained that they are taking "quick steps to preserve the strength of our balance sheet, focus additional resources on Uber Eats and prepare for any recovery scenario."

"Our ample liquidity gives us substantial flexibility to navigate the current crisisBut we are proactive and take steps to emerge stronger and more focused as a company, "said Nelson Chai, the company's CFO.

Some of these measures that Chai refers to are for example leaving eight "unprofitable" Uber East markets or halving the customer service team. "We continue to review all levers to ensure that our core Rides and Eats businesses come out of this crisis stronger than ever ".

A situation that not everyone believes will be solved in the coming months, there are very pessimistic. This is the case of Wedbush Securities analyst Dan Ives, who said in a statement that the fall in the industry could accelerate in the second quarter. Uber would be particularly vulnerable to this situation. for its great exposure in Asia and Europe.

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