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Uber lost $2.9 billion in the first quarter of 2020, its bulkiest loss in three quarters. The visitor moreover reported $3.54 billion in revenue. Gross bookings in its ride-hailing lifework fell 3 percent, while bookings in its Uber Eats farthing were up increasingly than 54 percent year over year, thanks to increased demand for replenishments deliveries.

Uber's ride-hailing lifework has plummeted a result of boundless shutdown orders because of the pandemic. The visitor nourish this week that it would lay off 3,700 full-time employees, or approximately 14 percent of its workforce. Arithmetic 400-plus employees from Uber's Jump bicycle and scooter farthing will moreover be laid off as partage of an investment donate with Lime, The Information reports.

"I won't sugarcoat it"

Uber's riding-hailing lifework is dropping 80 percent, the company's CEO Dara Khosrowshahi said in a indispensability with investors. "I won't sugarcoat it," he said. "COVID-19 has had a eloquent impact on [Uber's] rides [business."

But cruise volume is coming back, notwithstanding slowly, Khosrowshahi said. "There are some unconversant shoots employed salutiferous optimism," he said. "We've seen week-on-week growth globally for the past three weeks. This week is tracking to be our fourth sequent week of growth." Uber's mall rival, Lyft, moreover said lifework was slowly coming inadvertently over the last few weeks.

Still, the pestiferous has woozy a wrench in Uber's plan to be assisting by the end of the year. The company's $2.9 billion net loss for the quarter was an increase of 163 percent over the previous quarter. Gross booking, or totalitarian customer payments to Uber surpassing payments to drivers and other fees or discounts, fell 14.5 percent from the previous quarter.

Uber Eats is an obvious burnished spot for the company, except even that is beneath strain thanks to regulatory refrain and competition from other players like GrubHub and DoorDash. Uber Eats saw an hurrying in demand spine mid-March with 89 percent year-over-year gross bookings growth in April excluding India, Khosrowshahi said. Meanwhile, Uber afresh shuttered its Eats lifework in eight markets that were unprolific for the company. Still, the visitor is bullish approximately the growth in its replenishments verbalism business.

"There has been a unwonted increase in restaurant sign-ups leading up to rapid resurgence in selection in major markets like the US and behavioral shifts," Khosrowshahi said. "We believe these trends are lifing to time-out and will result in unfurling of the unabridged category."

"There has been a unwonted increase in restaurant sign-ups"

Of course, Uber's problems pre-date the coronavirus crisis. The visitor has been beneath refrain from investors to stem its enormous losses and spinach how it can start posting a profit. Uber and Lyft, which both went public in 2019, have set records for the core of money lost in the run-up to their corresponding IPOs. And spine going public, both companies have elongated to lose money, adopting questions approximately the long-term sustainability of app-based ride-hailing as a business. Uber had to lay off circa 1,000 workers last year amongst restructuring efforts.

The visitor is moreover beneath increased regulatory scrutiny. Uber was afresh sued, forth with Lyft, by California's barrister unstipulated for failing to comply with the state's groundbreaking new gig work law that makes it harder for the visitor to classify drivers as contained contractors. It moreover lost its license in London afterwhile regulators articular a "pattern of failures."