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.