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.
After starting the week on a positive note, major stock indexes witnessed volatility and slipped mid-week. Meanwhile, the S&P 500 index regained a part of the lost momentum and closed
The TJX Companies Inc. (NYSE: TJX) saw sales slightly drop during the third quarter of 2021 while earnings benefited from lower tax rates. Open-only comp store sales were down 5%
Value investors have long viewed the fintech industry as a gold mine of opportunities in the years to come, with payment processing services carrying a fair share of interest. Those