May 7, 2020 - Economy & Business

Uber posts mixed Q1 results as it works to weather the virus crisis

Illustration: Lazaro Gamio/Axios

Uber beat revenue expectations in the first quarter but faced heavy losses stemming primarily from write-downs as it girded for the full impact of the coronavirus pandemic, the company reported Thursday.

Why it matters: Uber is among the companies significantly impacted by measures to curb the current virus spread as people stay home as much as possible, though its food delivery business is seeing a huge boost for the same reason.

Of note: Earlier on Thursday, Uber announced it's leading a new funding round in Lime, a scooter rental company, and transferring its scooter and bike division to Lime.

By the numbers:

  • Loss per share: $1.70, compared to $0.83 expected. The company notes that its loss in part reflected a pre-tax impairment write-down of $1.9 billion, primarily related investments in Asian ride-hailing firms Didi and Grab.
  • Revenue: $3.54 billion ($2.47 billion from rides and $819 million from Eats), compared to $3.51 billion expected.
  • Monthly active platform consumers: 103 million, up 11% year-over-year from 93 million.
  • Trips: 1.66 billion, up 7% year-over-year from 1.55 billion.
  • Gross bookings (rides): $10.87 billion, down 5% year-over-year from $11.45 billion.
  • Gross bookings (Eats): $4.68 billion, up 52% year-over-year from $3.07 billion.

Go deeper

Iowa Rep. Steve King defeated in GOP primary

Rep. Steve King. Photo: Alex Wroblewski/Getty Images

State Sen. Randy Feenstra defeated incumbent Rep. Steve King in Tuesday's Republican primary for Iowa's 4th congressional district, according to the Cook Political Report.

Why it matters: King's history of racist remarks has made him one of the most controversial politicians in the country and a pariah within the Republican Party.

Primary elections test impact of protests, coronavirus on voting

Election official at a polling place at McKinley Technology High School in Washington, D.C. Photo: Drew Angerer/Getty Images

In the midst of a global pandemic and national protests over the death of George Floyd, eight states and the District of Columbia held primary elections on Tuesday.

Why it matters: Joe Biden, the presumptive Democratic nominee, needs to win 425 of the 479 delegates up for grabs in order to officially clinch the nomination. There are a number of key down-ballot races throughout the country as well, including a primary in Iowa that could determine the fate of Rep. Steve King (R-Iowa).

Updated 35 mins ago - Politics & Policy

Updates: George Floyd protests continue past curfews

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day, prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: Protesters were still out en masse even as curfews set in in New York City and Washington, D.C.. Large crowds took a knee at Arizona's state capitol nearly an hour before the statewide 8 p.m. curfew, and a peaceful march dispersed in Chicago ahead of the city's 9 p.m. curfew.