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.
Every Saturday morning before the sun rises, 35-year-old Uber driver Sultan Arifi rolls up the sleeping bag in the front seat of his car, places it in the trunk, and prepares for another day of work.
He will spend the next 12 hours picking up as many passengers as he can on the streets of San Francisco before returning to a grocery store parking lot in the north of the city to sleep, often for six hours or less, rising as early as he can on Sunday to do it all again.
Uber drivers in the US will stage a shutdown for 12 hours to protest against poor working conditions and low wages as the company goes public in May.
Drivers will log off the app in seven cities starting at noon on 8 May, the day Uber is expected to make its IPO. Drivers in San Francisco will also protest in front of the Uber headquarters. The action is backed by driver collectives including Gig Workers Rising in Northern California, Rideshare Drivers United in Los Angeles, and Chicago Rideshare Advocates.
The ride-hailing company Lyft made its stock market debut on Friday soaring over 20% in the first few minutes of trading as investors snapped up the first in a series of hotly anticipated tech sales.