Uber reports massive losses, and big layoffs hit Silicon Valley’s lucrative start-up sector: CNBC After Hours
CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. Today, CNBC’s Kate Rooney also takes a look at the widespread layoffs hitting the lucrative tech sector and start-up scene.
Here’s what you missed in business news today:
The net loss of $2.9 billion, total, included $2.1 billion in impairment charges from companies in which Uber has a stake, but represented Uber’s biggest loss in three quarters.
Gross bookings in Uber’s core business segment, Rides, fell 5% from a year ago. However, on the company’s earnings call, CEO Dara Khosrowshahi said that the Rides business was down around 80% in April from last year, suggesting a hard Q2 …continued .
[Source: CNBC News]