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.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Fauci says U.S. may not return to normal until 2022 — Trump's testing czar: Surge "is real" and not just caused by more tests
  2. World: Taiwan reaches a record 200 days with no local coronavirus cases
  3. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

In pictures: Storm Zeta churns inland after lashing Louisiana

Debris on the streets as then-Hurricane Zeta passes over in Arabi, Louisiana, on Oct. 28. It's the third hurricane to hit Louisiana in about two months, after Laura and Delta. Photo: Sandy Huffaker/Getty Images

Tropical Storm Zeta has killed at least two people, triggered flooding, downed powerlines and caused widespread outages since making landfall in Louisiana as a Category 2 hurricane on Wednesday.

The big picture: A record 11 named storms have made landfall in the U.S. this year. Zeta is the fifth named storm to do so in Louisiana in 2020, the most ever recorded. It weakened t0 a tropical storm early Thursday, as it continued to lash parts of Alabama and the Florida Panhandle with heavy rains and strong winds.