Uber's downhill career is slowing

10 May 2020 - 00:02 By AGENCY REPORTER

Uber Technologies says 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 $1bn (R18.3bn) in expenses, CEO Dara Khosrowshahi said on a call with analysts...

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