Uber lost $1.8B in 2Q as riders stayed home and ordered in

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Uber lost $1.78 billion in the second quarter as the pandemic carved a gaping hole in its ride-hailing business, with millions of people staying home to reduce the spread of the coronavirus.

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The San Francisco-based ride-hailing giant brought in $2.24 billion in revenue during the second quarter, down 27% from the same time last year, on a constant currency basis, the company said Thursday.

“While we would have all hoped that by now we had a clear line of sight to the end of the pandemic, hope is not a strategy and it’s my job to ensure thatis well prepared for any scenario,” CEO Dara Khosrowshahi said in a conference call with investors Thursday. “The businesses that are interfacing with the public are bleeding out, and it’s a concerning time for investors that are involved,” said Eric Schiffer, CEO of the Patriarch Organization private equity firm. “You’ve got to innovate. You’ve got to do what Uber is trying to do, which is to look for other paths.”

Uber said it still expects to become profitable — when adjusted for interest, taxes, depreciation and amortization — sometime in 2021. But with its core rides business so brutally hit by the pandemic, some are skeptical.

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Imagine if they owned the cars...

Couldn't happen to a nicer Company 😂

Stop being sheep

Lost or just didnt make based on last year? If they lost that much they would be closed. Just another example of FAKE NEWS Narrative...

I guess rioters can’t afford to Uber

The world must pay attention to the catastrophic humanitarian tragedy unfolding in Occupied Jammu and Kashmir, which has all the hallmarks of a genocide. India has tried to erase Kashmiris' identity. KashmiriLivesMatter KashmirWantsFreedom

Then they all start delivering for restaurants.

You mean those 2017 massive tax cuts Trump Radical Republicans gave Millionaires, Billionaires, and Corporations ran by Millionaires and Billionaires, wasn't enough to prevent Corporations from losing money during the Covid-19 Pandemic (Sarcasm Intended)

I hear sen. Feinstein needs a driver. No background check required.

Who agree with me when I say trump all the way🙌🙌

Maybe now Uber can consider fixing their lack of customer service

Well, how do you lose that much when damn near all your highest expenses are variable?

Uber went woke, now they're going broke.

Hang tight! It'll get much worse.

Uber is a garbage company.

if you want to be on the winning side join now MAGA

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