Uber loss widens to $2.9bln due to Covid-19

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San Francisco: Uber said its loss widened to $2.9 billion in the first quarter as the ridesharing giant absorbed the impact of the global pandemic lockdown and pointed to signs of a tentative recovery.

The San Francisco-based company said ride bookings were up eight percent in the first three months of the year despite the lockdowns that began in the final weeks of the quarter.

It saw 54 percent growth in its Eats restaurant take-away delivery service, though, as people ate in to avoid the coronavirus. Uber shares drifted lower in after-market trades in a market braced for the crisis to take a heavy toll on the “sharing economy” giant

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