Uber Withdraws Guidance, Updates on Contra Revenue

(Bloomberg) -- Uber withdraws 2020 guidance for Gross Bookings, Adjusted Net Revenue, and Adjusted EBITDA, which were provided on February 6, 2020. It also disclosed how it’ll account for the financial assistance program for drivers and delivery people that it implemented.

• Uber intends 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.
• Uber says it will take a $1.9 billion to $2 billion charge on minority equity investments; the charges won’t affect 1Q adjusted revenue, company says
• The company says it will give a further financial and operational update on May 7
• Uber also says “To help investors assess the impact of COVID-19 on our financial position, and in accordance with recent SEC staff guidance, we intend to exclude the impact of certain COVID-19-specific expenses from Adjusted Net Revenue and from Adjusted EBITDA.”

Statement: Uber Announces Date of First Quarter 2020 Results Conference Call, Withdrawal of Guidance, and Preliminary First Quarter

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