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April 17, 2020 04:44 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Jx13IC_Q-9o/uber-withdraws-forecast-and-will-write-down-about-2-billion
Uber Withdraws Forecast and Will Write Down About $2 Billion
Uber withdrew its financial guidance for 2020 and said it will write down about $2 billion in investments after the coronavirus pandemic upended the ride-hailing business. From a report: The San Francisco-based company said the writedown of its minority investments will range from $1.9 billion to $2.2 billion. Uber holds shares in various ride-hailing and food delivery businesses around the world. The company valued holdings in China's Didi Chuxing and Southeast Asia's Grab at a combined $10.3 billion at the end of last year. It didn't identify which investments were driving the charge. A financial assistance program created by the company for drivers and delivery people coping with the effects of the virus will have a marginal impact on revenue. The result will be a $17 million to $22 million reduction in the first quarter and $60 million to $80 million in the second, Uber said. Shares rose as much as 8.5% in extended trading after Uber's statement Thursday.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/Jx13IC_Q-9o/uber-withdraws-forecast-and-will-write-down-about-2-billion
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