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Uber shares soar after CEO says enough cash to ride out coronavirus crisis – Source Reuters Tech News

(Reuters) – Shares of Uber Technologies Inc (UBER.N) surged as much as 44% on Thursday after Chief Executive Officer Dara Khosrowshahi said it had plenty of cash on hand to tide over the coronavirus crisis and signaled a recovery in some parts of its business.

FILE PHOTO: Uber CEO Dara Khosrowshahi speaks during a meeting with the Economic Club of New York in New York City, New York, U.S., December 4, 2019. REUTERS/Andrew Kelly

“We are very fortunate to have a strong cash position with about $10 billion of unrestricted cash as of end of February,” Khosrowshahi said on a call with analysts before markets opened. “In any crisis, liquidity is key.”

Shares of its U.S.-based rival Lyft Inc (LYFT.O) jumped 30% following the upbeat comments.

Khosrowshahi’s comments come as steps taken to contain the rapid spread of the virus have slowed economic activity, forcing several companies to hoard cash and access credit lines to pay wages and overheads.

He said in an extreme scenario…

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Source Reuters Tech News

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