Shares of Uber Technologies Inc surged as much as 44% on Thursday after Chief Ex...
) surged as much as 44% on Thursday after Chief Executive Officer Dara Khosrowshahi said it had plenty of cash on hand to tide over the coronavirus crisis and signaled a recovery in some parts of its business.
He said in an extreme scenario where the rides business declines 80% for the rest of the year, Uber will still have $4 billion of unrestricted cash. “We believe that this kind of event will lead to weaker players dropping out of the market and Uber maintaining its dominant market share coming out of the crisis,” KeyBanc Capital Markets analysts wrote in a note.
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Uber shares soar after CEO says has enough cash to ride out coronavirus crisisShares of Uber Technologies Inc surged as much as 44% on Thursday after Chief Ex...
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