Uber Technologies Inc. (UBER) posted a $2.9 billion loss in the first quarter as the coronavirus pandemic curtailed demand for ridership.The ride-hailing company said the $2.9 billion loss included a $2.1 billion pretax writedown of the value of some of Uber’s minority investments. Excluding the writedown, Uber posted a loss of 64 cents per share, compared with analysts’ expectations of an 88-cent loss. Total revenue in the first three months increased 14% to $3.54 billion year-on-year.“While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, …read more
Source:: Yahoo Finance
