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Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

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Uber Skyrockets By Nearly 40%

In a surprise breakout, Uber saw its share price soar by more than 38 percent today, dwarfing much of the market’s gains. 

Shares of ride-hailing giant Uber Technologies (NYSE:UBER) skyrocketed today following a conference call with the aim to calm worried investors. The taxi-on-demand service has taken a major beating in the market-wide coronavirus selloff, with widespread quarantine measures being taken across the globe weighing on the company's bottom line.

During the conference call, Uber reassured investors, saying that it expects to have over $6 billion in cash on hand, with an additional $2 billion in easily accessible debt. 

President Dara Khosrowshahi explained that even in a worst-case scenario wherein the coronavirus takes a turn for the worst, the company will have a minimum of $4 billion in reserves. This is thanks in large part to its food-delivery business. 

"Our Eats Business has become an important resource right now, especially by restaurants hit by containment policies," remarked Khosrowshahi. "Even in Seattle it's still growing."

Uber's Struggles Going Forward

In a worst-case scenario for Uber, the company is anticipating that its total rides fall by 80 percent over the course of the year. This scenario would reduce its cash position from the $10 billion it outlined in today's call to a still-healthy $4 billion. 

Khosrowshahi doesn't see things going that badly, however. In fact, Khosrowshahi believes that the world is already bouncing back from the outbreak, with many places already returning to normal. 

"Once things start moving, Uber will, too," he said.

Other Ride-Sharing Competitors

Lyft, for its part, saw its share price jump by 28 percent following an announcement that it is doubling down on its self-driving program.

Lyft has been pouring time and cash into their self-driving program since 2017 and hasn't stopped since, realizing that it is likely to become a major part of their business model in the medium-to-long term. 

Related: How Chevron Could Win Big On “The Worst Oil Deal Ever”

Another up-and-comer, Facedrive, is also trying to wrangle away market share as the ride-sharing race heats up.

Facedrive is taking a unique approach to the industry, aiming to become a green alternative for conscious commuters across the globe.

Based in Toronto, the company is quickly expanding.

And it's easy to see why.

Facedrive is actively 'fighting the good fight,' with a program that helps plant trees for every ride taken in order to help offset emissions. The simple idea has already drawn in a wave of new customers in Canada, and they're only just getting started.

By Michael Kern for Oilprice.com

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