Illustration: Lazaro Gamio/Axios

Uber on Thursday reported first-quarter revenue of $3.1 billion, which was near the high end of an estimated range in the company's IPO registration papers — sending shares higher in aftermarket trading.

The bottom line: The company has not been able to revisit its $45 per share IPO price since going public on May 10, closing trading today at $39.76 per share.

The vast majority of Uber's revenue is in ride-hail, where it averages 17 million trips per day, with nearly $2.4 billion. But ride-hail revenue growth is just 9% year-over-year, whereas its food delivery business, Uber EATS, is growing at 89%.

  • Uber reported a $1.01 billion net loss for the quarter, which was at the low end of its estimated range.
  • It also maintained the "gross bookings" metric, which rival Lyft chose not to include in its first post-IPO earnings release.

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Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 30,881,522 — Total deaths: 958,493— Total recoveries: 21,119,006Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 6,794,479 — Total deaths: 199,469 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Trump campaign goes all in on Pennsylvania

Trump poster in Scranton, Pennsylvania. Photo: Robert Nickelsberg/Getty Images

The president's campaign is placing more importance on Pennsylvania amid growing concern that his chances of clinching Wisconsin are slipping, Trump campaign sources tell Axios.

Driving the news: Pennsylvania, which has 20 electoral votes, twice Wisconsin's number, actually has been trending higher in recent public and internal polling, a welcome development for the campaign.

Inside Biden's Supreme Court strategy

Joe Biden enters the hall at the National Constitution Center. Photo: Roberto Schmidt/AFP via Getty Images

Joe Biden’s closing argument will shift to a dominant emphasis on health care, turning the looming Supreme Court fight into a referendum on coverage and pre-existing conditions, officials tell Axios.

Why it matters: Biden aides believed they were winning when the race was about the coronavirus pandemic. Now they plan to use the Supreme Court opening as a raucous new field for a health care fight, returning to a theme that gave Democrats big midterm wins in 2018.