Uber Technologies (NYSE: UBER) reported the first-quarter 2020 financial results after the regular trading hours on Thursday.
Uber shares fell over 2% after it reported a massive loss of $2.9 billion. The stock has declined 27% in the trailing 12 months. Revenue came in at $3.54 billion, up 14%.
CFO Nelson Chai said, “We have recently exited eight unprofitable Eats markets, significantly reduced the size of our customer support and recruiting teams, and merged our JUMP unit into Lime. Building on the steps we have already taken, we are continuing to look at all levers to ensure our core Rides and Eats businesses emerge from this crisis stronger than ever.”
Yesterday, shares of rival Lyft (NASDAQ: LYFT) soared over 17% after the ride-hailing firm surpassed Wall Street projections on revenue despite the lockdown and pandemic impact.
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