(SAN FRANCISCO, Calif.) #Coronavirus Business Report: Uber hit by massive drop in quarterly profits of $1.8- billion that plunged by 75% from $12.2 to $3-billion but its delivery business ‘ delivery bookings m ore than doubled from $3.4 to $7-billion according to Ars Technica #AceFinanceDesk report

#AceFinanceReport – Aug.08: 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: Prior to the pandemic, Uber CEO Dara Khosrowshahi was bullish about the company’s financial future:

#Coronavirus Report: Uber’s ‘ ride-hailing business ‘ profits hit by #COVID19 #pandemic but ‘ delivery bookings ‘ more than double according to Ars Technica

After reporting a $1.1 billion loss for the fourth quarter of 2019, Khosrowshahi said in February that he expected Uber to start generating a profit by the end of 2020: At the time, Uber’s rides business was (just barely) profitable: But it was being dragged down by big losses from Uber Eats, where Uber was spending heavily in pursuit of growth: Uber expected the rides business to become more profitable over time, while losses in the delivery business would decline as growth slowed:

But then the coronavirus hit, and Uber was forced to throw those projections out the window: In May, Uber laid off 3,700 people in an effort to contain mounting losses. […] Fortunately, Uber is in no danger of running out of money; it has almost $8 billion in cash and short-term investments: It could easily burn cash at this rate for another year:
#AceFinanceDesk reports………………Published: Aug.08: 2020:

Editor says #AceNewsDesk reports by https://t.me/acenewsdaily and all our posts, also links can be found at here for Twitter and Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com