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This was sloppy reporting/writing. The "revenue to nosedive by $17 million to $22 million" was the specific effect only attributable to their Covid-19 financial
by KT-222 6y ago
This was sloppy reporting/writing. The "revenue to nosedive by $17 million to $22 million" was the specific effect only attributable to their Covid-19 financial assistance program. Here's the quote directly from Uber's release:
"To support those whose earning opportunities have been depressed as a result of COVID-19, as well as communities hit hard by the virus, we announced and implemented several initiatives during the first quarter of 2020, including a financial assistance program for drivers and delivery people. We intend to account for this program as Contra Revenue, which we expect will reduce GAAP Revenue by an estimated $17 to $22 million in Q1 and an estimated $60 to $80 million in Q2."
https://investor.uber.com/news-events/news/press-release-details/2020/Uber-Announces-Date-of-First-Quarter-2020-Results-Conference-Call-Withdrawal-of-Guidance-and-Preliminary-First-Quarter-Financial-Items/default.aspx https://investor.uber.com/news-events/news/press-release-det...