Uber Won’t Meet Full-Year Targets Due to COVID-19 Disruptions

Uber Technologies (NYSE: UBER) is withdrawing its guidance for 2020, citing the uncertainty created by the COVID-19 pandemic. 

In addition to withdrawing guidance for gross bookings, adjusted net revenue, and adjusted EBITDA, the ride-hailing company said it's taking a write-down of $1.9 billion to $2.2 billion due to the impact the pandemic is having on some of its minority investments: Uber has stakes in food delivery and ride-hailing companies around the globe, including an investment in China's Didi Chuxing and Southeast Asia's Grab.  

IMAGE SOURCE: GETTY IMAGES.

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Source Fool.com