Uber reports $2.9 billion quarterly loss during pandemic

Uber lost $2.9 billion in the first quarter of 2020, its biggest loss in three quarters. The company also reported $3.54 billion in revenue. Gross bookings in its ride-hailing business fell 3 percent, while bookings in its Uber Eats division were up more than 54 percent year over year, thanks to increased demand for food deliveries.

Uber’s ride-hailing business has plummeted a result of widespread shutdown orders due to the pandemic. The company announced this week that it would lay off 3,700 full-time employees, or about 14 percent of its workforce. Another 400-plus employees from Uber’s Jump bike and scooter division will also be laid off as part of an investment deal with Lime, The Information reports.

In a call with investors in...

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