Diamonds and Dogs
UBER (Uber) riding higher. The ride-hailing giant is up 6% following earnings. Uber lost $2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic, but the company is looking to its growing food delivery business and aggressive cost-cutting to ease the pain. They are also offloading Jump, its bike and scooter business, to Lime, a company in which it is investing $85 million. Jump had been losing about $60 million a quarter.
Roku (ROKU) lower following earnings. The video streaming device maker is down 6% following earnings. Earnings actually came in better than expected as sales rose 55% to $320.77 million. The pandemic is accelerating the shift to streaming as Roku added 2.9 million incremental active accounts in the first quarter reaching 39.8 million. But Roku also said 2020 ad sales growth is slowing with higher than usual cancellations. The ad crunch comes at a time when the video streaming device maker is trying to shift focus from device sales to advertising as more streaming services enter the market. The company expects to report a loss for the full year.
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