Uber Withdraws Forecast and Will Write Down About $2 Billion (bloomberg.com) 16
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.
As the Article Explains... (Score:3)
Rather, the write-down is against investments that Uber have made in various related-industry companies, specifically mentioning China's Didi Chixung and South-East Asia's "Grab". Uber valued these two investments at a total of $10.3 billion at the end of last year, although it didn't provide a breakdown between the individual companies.
So the write-down appears to be against primary Chinese and Asia-based companies in which it has invested. The arti
Stop posting articles that have paywalls (Score:3, Insightful)
Paywalls Suck.
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You must be new here.
No one reads the articles and hardly anyone reads the summary these days
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Don't even read the comments!
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I thought that was the first rule of the internet, "never read the comments"...
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Why do you say that?
It is still an issue. The fact that global air pollution is down for a few months, isn't really solving the problem. Just putting a slight decline in its progression.
School shootings are down too. But we didn't solve the problem. We just delayed it for next school year.
That black swan (Score:2)
That black swan gonna eat uber alive...
Shares went up? (Score:2)
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Whatever investment bankers are smoking, I want some!
The share price for Uber has been driven by cocaine usage for a long time.
Remember: half of all people are below average intelligence - and they're all investment bankers. Probably.
Uber... (Score:2)
..never made a profit, never likely to ...