Lockdowns all across the globe due to the COVID-19 outbreak has affected lakhs of lives, especially people working on daily wages and contracts. Thousands of people have also lost their jobs and the companies are giving as much as they can in the absence of a financial package from the central government. Drivers associated with taxi aggregators like Ola and Uber have been facing an uncertain financial future. Although major companies having effluent cash in hand are still shying away from directly their employees.
Let's dig in some numbers for you
Ride-hailing service, Uber India has been running campaigns to collect funds which the company says would support its drivers. One of the tweets with #MoveWhatMatters hashtag read, "The ones who have always moved you forward, need help in moving past these times. Contribute to the Uber Care Driver Fund. Even a small donation can go a long way." Let's dig in some numbers for you.
The US-based company went public in 2019 at the New York Stock Exchange (NYSE) and at the present level, Uber has a market capitalisation of $ 47.8 billion. Moreover, as claimed by Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., it has plenty of cash to get through the coronavirus crisis and is seeing growth in other areas of the business as rides fall dramatically as people stay home. The company has around $ 10 billion cash in hand which can easily be used to support its driver-partners and other employees, globally. In the financial year 2018, the company generated a revenue of $11.27 billion.
The company announced it's earning in fourth fiscal in February and moved its target for earnings before interest, taxes, depreciation, and amortization to Q4 2020, ahead of its earlier promise of profitability in 2021. But due to the global pandemic of COVID-19, it has estimated a $1.35 billion loss EBITDA in the middle of the range for 2020.
