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Uber withdraws 2020 guidance, plans writedown

Uber Technologies Inc. has withdrawn its financial guidance for 2020 and said it would write down about $1.9 billion to $2.2 billion against the value of some of its minority equity investments due to the impact of COVID-19, in a filing with federal regulators. 

The San Francisco-based ride sharing, food delivery and fintech said its previously announced assistance program for drivers and delivery providers will be recorded as Contra Revenue, reducing its GAAP revenue figures by $17 million to $22 million in the first quarter and $60 million to $80 million in the second quarter. 

The company plans to exclude the impact of certain COVID-19-related expenses from its adjusted net revenue and adjusted EBITDA, in accordance with recent guidance from the Securities and Exchange Commission. 

The company provided an update on the COVID-19 impact on its business during a March 19th conference call and plans new update on May 7 during its conference call with analysts.