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.
“We are very fortunate to have a strong cash position with about $10 billion of unrestricted cash as of end of February,” Khosrowshahi said on a call with analysts before markets opened.His comments come as steps taken to contain the rapid spread of the virus have slowed economic activity, forcing several companies to hoard cash and access credit lines to pay wages and overheads.
“About two-thirds of our cost of revenue and operating expense, excluding stock-based compensation, is variable,” he said.While rides have tumbled by 60% to 70% in the virus-hit areas, such as Seattle, in regions such as Hong Kong, the worst was behind, and Uber is seeing the beginning of a recovery, he said. “Soon a city starts moving, Uber will too.
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