Uber lost $5.24bn in the last three months, its largest-ever quarterly loss, news that sent the ride-hailing company’s shares sliding 10%.
The company was reporting earnings for only the second time following its share sale in May. The latest losses were worse than analysts had expected and the company announced revenues that were also below predictions.
Uber has big plans. The ride-hailing service wants to ferry the world around in self-driving cars and on electric scooters, deliver our takeouts and groceries by drone, and ship freight via robot trucks. But first Uber needs to answer a big question: will it ever make any money?
This week, Wall Street will have the chance to ask that question.
UberEats in Australia has agreed to change an “unfair” contract that forced local restaurants to pay for all customer refunds – even if they were not at fault – after an investigation by the Australian Competition and Consumer Commission.
Previously, if a customer requested a refund, that money came out of the restaurant’s pocket – even if the deliverer or Uber itself made the mistake.
When Daniel Arrega, 19, heads to work at a mall in Innisfil, he has few options for his commute. Walking along the highway would take nearly three hours. A taxi is faster but expensive.
So he takes the town’s public transit: Uber.
“It’s great for young people, especially if you don’t have a licence,” he said after arriving at the branch of Tommy Hilfiger where he works.
Uber has reached out-of-court settlements with two women who alleged they were sexually assaulted by the same driver in what is believed to be the first case of its kind in the UK against the company.
The cases were taken by two women who had ordered vehicles using Uber’s app during nights out in Leeds in December 2015, but told police they were sexually assaulted by the driver. They are both five-figure settlements.
While those taking a taxi from Manhattan to John F Kennedy airport this summer can expect a 90-minute-plus crawl at rush hour, more elite New Yorkers will have access to a new eight-minute ride – with a familiar brand attached.
Scheduled to launch on 9 July, UberCopter – yes, that Uber, will offer a helicopter service between a heliport adjacent to Wall Street and JFK, from $200 per person each way.