> Uber said it expects an impairment charge of up to $2.2 billion in the first quarter due to the outbreak and for revenue to nosedive by $17 million to $22 million in the quarter.
The impairment charge is on the “reduced value of equity investments”. Not sure what that’s about.
But “revenue to nosedive $22 million...” this makes no sense. Last year Uber reported a net loss of $8.51 billion.
I think $22 million is the cost of programs it has put in place to help drivers during the pandemic. In other words, a pittance.
Last report was that Uber traffic had cratered 60-70% in Seattle as of March 19th. I can only imagine the world of hurt Uber is in for based on a global 60-70% revenue drop in the face of their fixed costs. $22 million ain’t it.
The impairment charge is on the “reduced value of equity investments”. Not sure what that’s about.
But “revenue to nosedive $22 million...” this makes no sense. Last year Uber reported a net loss of $8.51 billion.
I think $22 million is the cost of programs it has put in place to help drivers during the pandemic. In other words, a pittance.
Last report was that Uber traffic had cratered 60-70% in Seattle as of March 19th. I can only imagine the world of hurt Uber is in for based on a global 60-70% revenue drop in the face of their fixed costs. $22 million ain’t it.