Browsing: Uber

Uber Technologies withdrew its financial guidance for 2020 and said it will write down about US$2-billion in investments after the coronavirus pandemic upended the ride-hailing business.

The tech bubble is popping, but not in the way anyone expected. After years of fretting that free-spending start-ups with unrealistic valuations would bring down the start-up economy on its own, a global pandemic is doing it in instead.

Uber Technologies said it will deliver a first-ever quarterly profit by the end of the year, signalling that cost-cutting measures are exceeding even the company’s own recent expectations.