- Charge was $100m higher than market expectations
- Quarterly numbers revealed high dependency on gains from asset sales
The Supreme Court ruling in February that Uber had to uphold the minimum standards of rights of its army of gigging cab drivers was always likely to cause a significant financial hit for the app ride hailing company that everyone loves to use, and hate. The first quarter results showed an accrual of $600m linked to granting worker rights in the UK, on top of the hit that the company has taken from a lockdown blighted start to the year. The market’s verdict on the day of the results, a near 9 per cent fall in the share price, told its own story.