UBER TECHNOLOGIES INC

19 Aug

Uber-Backed E-Scooter Startup Lime Enters Japan After Korea Exit

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Uber Technologies Inc.-backed Lime is entering Japan’s growing e-scooter ride market in a foray that pits the San Francisco-based startup against homegrown Luup KK.Lime, which has a global fleet of around 200,000 e-bikes and scooters, on Monday launched its service in some of Tokyo’s most densely populated neighborhoods of Shibuya, Shinjuku, Meguro and Setagaya wards. Lime now has around 200 electric scooters and more than 40 recharging ports. Tokyo-based Luup, which controls more than 90% of the domestic market in terms of ride mileage, operates 9,100 ports. Source link lol

16 Aug

Uber Raised to Investment-Grade by S&P on Earnings Growth

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S&P Global Ratings upgraded Uber Technologies Inc.’s credit ratings to investment-grade status on Friday, citing the ride-hailing and food-delivery company’s consistent earnings growth.Uber’s main bond ratings were upgraded to BBB-, the lowest investment-grade level, from BB+, the highest junk grade, S&P said in a statementBloomberg Terminal. Investment-grade credit ratings can translate to lower borrowing costs for a company, because a wider array of investors are eligible to buy high-grade securities. Source link lol

16 Aug

Amazon’s Payment Delay Warning Stirs Panic Among Flex Drivers

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Amazon.com Inc. warned Flex drivers who deliver packages in their own vehicles that payments they were supposed to receive Thursday “may be delayed,” according to correspondence reviewed by Bloomberg, stirring panic among drivers who are used to prompt payment after completing a route.The Amazon message doesn’t explain the problem or say when it could be resolved, adding to the concerns. Source link lol

16 Aug

Jefferies Says It Was Shortchanged on Fee in Rubicon SPAC Deal

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Jefferies Financial Group Inc. sued a company acquired in a blank-check merger, claiming it received stock now worth only about $40,000 instead of a promised $7 million underwriting fee.In a suit filed Thursday in New York, Jefferies said Rubicon Technologies Inc. violated an agreement to pay the fee in either cash or freely tradable shares. Instead, Rubicon allegedly paid Jefferies in restricted shares with a current market value much lower than the agreed fee. Source link lol

15 Aug

Grab Revenue Misses Estimates in Sign Turnaround Still Fragile

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Grab Holdings Ltd. shares slumped after the ride-hailing company reported quarterly revenue growth that trailed estimates, highlighting intense competition in the Southeast Asian market.The stock slid 10% in pre-market trading in New York after the company said revenue rose 17% to $664 million in the three months through June, missing the $676.9 million analysts predicted on average. Adjusted earnings before interest, taxes, depreciation and amortization were $64 million, roughly in line with estimates. Source link lol

08 Aug

Deliveroo Customer Orders Rise as Demand Improves Across Markets

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Deliveroo Plc said the value of customer orders grew in the first half and that earnings for the year will be on the higher end of its forecast after demand rose at the UK food delivery platform.Gross transaction value rose 6% at constant currencies from a year earlier to £3.69 billion ($4.7 billion), the company said in a statement on Thursday. That was in line with the average estimate from analysts surveyed by Bloomberg. Source link lol

07 Aug

Gig Economy Emerges as a Bright Spot Amid Gloomy Tech Earnings

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It has been a tough earnings seasonBloomberg Terminal for the technology industry, and markets more broadly.Big Tech companies failed to convince Wall Street that their massive investments in artificial intelligence are paying off. Growth in their core businesses underwhelmed. Their results, combined with broader concerns about the health of the US economy, triggered a meltdown that, at one point, had erased some $6.4 trillion from global stock markets. Source link lol

07 Aug

Instacart Posts Sales Beat, Issues Strong Earnings Outlook

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Instacart posted better-than-expected sales in the second quarter, signaling that the grocery-delivery business has a strong enough user base to support its longer-term bet on advertising.Revenue gained to $823 million, far surpassing analysts’ expectations of $806 million. The value of orders placed during the quarter totaled $8.19 billion, also beating estimates. That’s even while the San Francisco firm reported that overall orders grew at a slower pace than expected. Source link lol