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Uber Technologies Inc (UBER. N) adjusted its target with an aim of achieving its profitability by the end of the year, but the ride hailing firm anticipates a major decline estimating up to $1 billion or more this 2020.
Uber shares advanced greatly up to 5% in after-hours session. Such activity followed after Chief Executive Officer Dara Khosrowshahi disclosed the company’s plan of cost cutting as a measure to gain more repeat-customer opportunities and to boost the utilization of premium ride services.
Khosrowshahi added that Uber would maximize and implement measures to cap loss at the company’s declining food delivery service, Uber Eats. The scheme is to transform the service as the top player in the global industry, advancing the overall segment’s earnings of the company since the service drags the company’s overall performance.
The CEO also revealed the new target profit on a conference call with associates and investors following disappointing results of 2019’s fourth quarter. Figures disclosed that the company met sharp setbacks at the latter part of 2019 but had its customer base greatly advanced.
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...
Oil prices rose on Friday as the dollar dropped to a near two-year low, but demand worries amid rising coronavirus cases and the worsening U.S.-China tensions capped gains. Brent crude gained 0.4%, or 15 cents, at $43.46 per barrel. U.S. West ...
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