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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

SoftBank posts $12 billion in quarterly profits

Photo illustration: Eniola Odetunde/Axios. Photo: Yoshikazu Tsuno/Getty Images

SoftBank and its Vision Fund made a comeback this past quarter. But chairman and CEO Masayoshi Son has already moved on to a new project: a $550 million vehicle for investing in blue-chip public tech stocks like Facebook, Amazon and Apple.

Why it matters: This is part of Son’s ongoing plan to transform SoftBank Group into an investment company.

4 mins ago - Politics & Policy

Rail's big moment is arriving

Illustration: Sarah Grillo/Axios

Passenger rail could be the big winner if Congress moves ahead with President Biden's ambitious infrastructure plan.

Why it matters: There's long been bipartisan support for rebuilding America's crumbling infrastructure, but under Biden, the focus has shifted to sustainable projects that fulfill both his climate and equity goals, such as rail transit.

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.