- Uber’s business has been impacted significantly by the coronavirus, with the ride sharing giant noting that ride volume is down by nearly 70% in some areas.
- The company has enough cash on hand to survive the current coronavirus crisis, according to CEO Dara Khosrowshahi.
- Uber has temporarily suspended Uber Pool rides to help stop the virus from spreading.
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In a call with investors today, Uber had some good news and bad news to share. The bad news is that the volume of people taking Ubers has fallen drastically, with CEO Dara Khosrowshahi noting that ride volume is down nearly 70% in some cities. This, of course, shouldn’t come as much of a surprise given that many people are quarantined and, if we’re being honest, there’s not really anywhere to go given that restaurants, bars, gyms, and movie theaters are all closed for the time being.
The good news, though, is that the sky isn’t falling for Uber. According to Khosrowshahi, Uber has more than enough cash to help the company withstand and get through the current coronavirus crisis. Even in a worst-case scenario that would see ride volume drop by as much as 80%, Uber maintains that it will be able to persevere.
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Uber ride volume is down 70% because of the coronavirus originally appeared on BGR.com on Thu, 19 Mar 2020 at 19:07:58 EDT. Please see our terms for use of feeds.
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