Uber reports second quarter earnings after the bell

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Uber, still battling labor lawsuits and hampered by Covid-19, is set to report second quarter results after the bell

is set to report second-quarter results after markets close on Thursday, as the novel coronavirus continues to curtail people's travel and commuting in the U.S.86 cents per share, adjusted, according to a consensus of analysts surveyed by Refinitiv.$3.47 billion, according to estimates compiled by StreetAccountUber suffered declines in gross bookings for its core ride-hailing business in the, but a spike in demand for its food delivery service, Uber Eats, at the same time.

After Covid-19 began having a major impact on Uber's business, the company moved fast to lay off about 14% of its workforce, more than 3,500 employees, and to offload its Jump electric bike business to a bike-sharing competitor called Lime, in which Uber is an investor. Despite the efforts to conserve cash, Uber has remained acquisitive. In July, it announced plans to buy Postmates, an on-demand delivery venture, for $2.65 billion in stock.

In the first quarter of 2020, Uber's net loss hit $2.9 billion total, including $2.1 billion in impairment charges from companies in which Uber has a stake. That represented Uber's biggest loss in three quarters.can continue to treat drivers in the United States as independent contractors.that it had filed separate lawsuits against Uber and Lyft accusing them of committing wage theft by misclassifying drivers as contractors rather than employees.

 

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Uber, Lyft sued again in California over driver classification - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Guy on left is hotter. I forgive his company 😂 Californistan will drive all businesses out of their state by the time they're done. It’s multiple companies doordash postmates too !
Source: BusinessInsider - 🏆 729. / 51 Read more »