Health and government officials have asked the public to stay home in a bid to slow the coronavirus, which has caused fewer people to request Uber rides. But Uber said the company's food delivery segment is picking up.
"We believe we're already seeing worst of the impact and the recovery in some places," Khosrowshahi said on a call with analysts. "Once things start moving, Uber will too."
Uber stock rallied as much as 20% Thursday morning following the call. Shares of Uber had seen all-time lows this week as investors likely view Uber more as a travel company than tech business. Several health and government officials have asked the public to avoid non-essential travel and stay home in a bid to slow the spread of the coronavirus, which has caused fewer people to request Uber rides.
Uber did not update its guidance on Thursday because the situation is so fluid, but Khosrowshahi said it could do so in the future. While reporting fiscal fourth-quarter earnings in February, Uber moved its EBITDA profitability target to Q4 2020, ahead of its original promise of profitability in 2021.It also said it is forecasting a $1.35 billion loss at the middle of the range in terms of in earnings before interest, taxes, depreciation and amortization for 2020.
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