Uber’s first quarter earnings show massive losses due to coronavirus

Uber hasn’t had an easy time as a public company. The novel coronavirus, which has brought much of the ride-hailing company’s business to a halt, hasn’t helped. On Thursday, Uber’s first-quarter earnings highlighted the financial troubles the company has experienced showing significant losses.

Uber said its revenue rose 14% from a year earlier to $3.54 billion, slightly beating the average analyst forecast of $3.51 billion. But, the company posted a net loss of $2.9 billion in the first quarter, which was greater than expected by analysts.

“While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario,” Uber CEO Dara Khosrowshahi said in a statement. “Our global footprint and highly variable cost structure remain an important advantage, as our expectation is that the Rides recovery will vary by city and country.”

Uber has seen its core ride-hailing business significantly impacted by the novel coronavirus pandemic, even as the company has tried to expand offerings like Uber Eats and other delivery services. The company has laid off employees, shuttered offices around the world and seen its stock price drop 68% from $41 in mid-February to $13 in mid-March.