Uber expects drop in quarterly revenue

Uber Technologies said on Thursday it expects an impairment charge of up to $2.2 billion in the first quarter due to the coronavirus outbreak and revenue to decline by $17 million to $22 million in the quarter.

The company withdrew its 2020 forecast for gross bookings, adjusted net revenue and adjusted EBITDA, and said the initiatives taken in response to the outbreak, including financial assistance for drivers and delivery people, would be accounted into its first- and second-quarter revenue.

It expects GAAP revenue to fall by about $17 million to $22 million in the first quarter, and by about $60 million to $80 million in the second quarter.


Uber said the impairment charge would be against the carrying value of some of the company's minority equity investments, due to the impact of the pandemic.