Skip to content
Subscriber Only

Uber, Posting First-Ever Decline in Rides, Says Worst Is Over

  • Company expects to turn an adjusted profit next year
  • “We believe the U.S. is off the bottom,” says CEO Khosrowshahi
Video player cover image
Watch: Pierre Ferragu, New Street Research analyst, discusses Uber Technologies Inc.'s earnings. (Source: Bloomberg)
Updated on

Uber Technologies Inc. said quarterly bookings from ride-hailing customers declined for the first time ever due to the effects of the coronavirus but that the business is already beginning to recover.

The San Francisco-based company has never turned an adjusted quarterly profit and is unlikely to do so this year. Uber now expects to hit that milestone next year, thanks to cost cutting that will eliminate more than $1 billion in expenses, Dara Khosrowshahi, the chief executive officer, said on a conference call with analysts.