Uber withdrew its financial guidance for 2020 and said it will write down about $2 billion in investments after the coronavirus pandemic upended the ride-hailing business. From a report: The San Francisco-based company said the writedown of its minority investments will range from $1.9 billion to $2.2 billion. Uber holds shares in various ride-hailing and food delivery businesses around the world. The company valued holdings in China’s Didi Chuxing and Southeast Asia’s Grab at a combined $10.3 billion at the end of last year. It didn’t identify which investments were driving the charge. A financial assistance program created by the company for drivers and delivery people coping with the effects of the virus will have a marginal impact on revenue. The result will be a $17 million to $22 million reduction in the first quarter and $60 million to $80 million in the second, Uber said. Shares rose as much as 8.5% in extended trading after Uber’s statement Thursday.

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Source: Slashdot – Uber Withdraws Forecast and Will Write Down About Billion