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About: http://data.cimple.eu/news-article/60d04e3c9a6f1c8d62b633e2f703e729ba8049a2eeeccda49e6fc7ff Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Uber on Thursday reported that it lost $1.1 billion in the recently ended quarter as the pandemic walloped its ride-share business, but boosted its food delivery service. Revenue in Uber's mobility unit was down 53 percent from the same quarter last year, while money taken in from drivers delivering restaurant meals or other orders more than doubled, according to the San Francisco-based company. "Despite an uneven pandemic response and broader economic uncertainty, our global scope, diversification, and the team's tireless execution delivered steadily improving results," chief executive Dara Khosrowshahi said in an earnings release. Uber shares that had been buoyed by the triumph of an initiative that lets drivers remain classified as independent contractors in California sank nearly three percent in after market trades. Demand for rides directly correlates to pandemic lock-down restrictions in cities, and Uber's mobility and deliver units are positioned to take advantage of returns to pre-virus lifestyles, Khosrowshahi said in a earnings call. "Uber is becoming the go-to app for getting around or getting something delivered your door in 30 minutes," Khosrowshahi said. "As consolidated growth returns, it will return to a more profitable foundation," said chief financial officer Nelson Chai. The so-called "gig economy" at the heart of Uber's business model survived a key test in this week's election as California voters approved a referendum backed by ride-hailing giant which preserves the use of contractor-drivers and potentially opens the door to wider adoption of that model. The initiative known as Proposition 22 backed by Uber, Lyft and other on-demand companies appeared headed for passage as the measure was backed by some 58 percent of state voters, according to incomplete results. The measure effectively overturns a state law which would require the ride-hailing firms and others to reclassify their drivers and provide employee benefits. gc/jm
schema:headline	Uber reports $1.1 bn loss on revenue plunge
schema:mentions	Gig worker Chief financial officer Lyft Uber Tea Referendum California Pandemic 2000 California Proposition 22 Dara Khosrowshahi
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-11-05 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	86 (xsd:integer)
http://data.cimple...tology#hasEmotion	sadness

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