Market Pulse

Uber to book charge of up to $2.2 billion, withdraws guidance due to coronavirus pandemic

Uber Technologies Inc. uber+0.16% said late Thursday that due to the COVID-19 pandemic it was withdrawing its 2020 guidance and warned that its net losses would widen by $1.9 billion to $2.2 billion due to investment impairments. Uber stock rose 4.2% in the extended session. The company said that it would take the investment impairment charge because of the coronavirus lockdown's impact on the value of the equity. The company said that it has implemented an assistant program for its drivers and delivery people, which will reduce revenue by $17 million to $22 million in the first quarter, and roughly $60 million to $80 million in the second quarter. Uber said it would report first-quarter earnings May 7, after the closing bell. Uber stock closed down 1.4% to $27.03 in the regular session Thursday as the S&P 500 index spx-1.12% rose 0.6%.

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