Share article:
Share article:

Uber posts 3 billion dollar loss amidst Coronavirus crisis

Credit: Belga

Uber made a loss of almost 3 billion US dollars during the first quarter of 2020. The negative results are mainly due to the Covid-19 pandemic according to its CEO Dara Khosrowshahi.

On the other hand, its food delivery service UberEats grew 53% during the same period, to 819 million USD in revenues, as lockdown measures made the service an appealing solution. This was however not enough to offset the large loss of its main service.

“We are encouraged by the increase of food deliveries and by first signs of certain markets opening up again following lockdown measures,” Dara Khosrowshahi told the press during the earnings announcement.

The San Fransisco based company, which initially had expected to get to profitability by the end of 2020, may now need to delay that goal, the company also announced. The stock price of the company immediately declined 2% upon the announcement.

Earlier this week, Uber also announced that it will cut 3,799 employees from its payroll due to the crisis. The reduction in workforce represents 14% of its total staff.

The Brussels Times

Latest news

New offshore wind farm officially opened
Despite being operational since the end of 2020, the SeaMade offshore wind farm was officially inaugurated on Wednesday by Prime Minister Alexander ...
Contact tracers have no time for calls, only texts, amid rising cases
Contract tracers will no longer make phone calls to the high-risk contacts of people who test positive for the coronavirus beginning from Wednesday, ...
Belgium holds on to top spot in FIFA rankings despite recent losses
Once again, Belgium's Red Devils have held onto their position at the top of the world football rankings, according to an update released by the ...
Why the fight for transgender rights is polarising Europe 
Year after year, Samuel De Schepper would ask Santa Claus to bring him a penis for Christmas. Born female and attending an all girl’s Catholic ...
Proximus pushes for high-speed internet in Brussels and Wallonia
Fifteen municipalities in Wallonia should soon have access to high-speed internet through the rollout of fibre optics in the region, telecoms giant ...
World’s largest chocolate warehouse opens in Flanders
On Thursday, Barry Callebaut – the largest global chocolate processor and manufacturer – opened the world's largest chocolate warehouse in Lokeren, ...
Belgium in Brief: Equal Opportunity To Dance
There's a phrase where I'm from, more often said in jest nowadays, but it came to my mind this morning: "Ye dancin'?" (Are you dancing?), one ...
Farmer discovers cocaine in banana boxes bought in Brussels
A Flemish farmer who purchased boxes of bananas at the market in Brussels on Tuesday came home to discover large amounts of cocaine packed among the ...
Changes to speed cameras increase likelihood of a ticket
Changes to the way speed cameras work in Flanders and Wallonia will increase the likelihood of receiving a ticket when cars pass them above the ...
Why Belgium is regulating sex work
After decades of confusing rules and hypocritical policy, Belgium is finally regulating sex work by removing prostitution from the criminal law. ...
Nightlife testing centre opens in central Brussels on Friday
A new coronavirus testing centre set up by the Brussels By Night Federation will open on Place Poelaert in Brussels on Friday, aiming to administer ...
Covid Safe Ticket targeted by legal action
It is less than a week that the Covid Safe Ticket (CST) has been required to participate in many social activities such as entering bars or ...