FT News Briefing Tuesday, November 5
Nov 5, 2019
Uber struggles with rising revenue but faces significant losses. SoftBank tightens oversight after WeWork's near collapse. The Trump administration mulls over tariff rollbacks on Chinese goods. A second executive exits McDonald's amid leadership turmoil. Meanwhile, a poll reveals mixed sentiments about Americans' financial well-being compared to four years ago. Voter perspectives on economic status and rising oil prices highlight the crucial link between personal finance and political choices.
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Uber's Financial Performance
- Uber's Q3 revenue beat estimates at $3.8 billion, but they still posted a $1.2 billion loss.
- Investors remain unconvinced about Uber's profitability, causing share prices to drop.
SoftBank's Governance Changes
- SoftBank is tightening governance at its backed companies, limiting founders' control.
- This follows WeWork's IPO collapse and SoftBank's subsequent write-down.
Americans' Financial Sentiment
- An FT-Peterson poll reveals that Americans' financial situations haven't improved much under Trump.
- One-third feel worse off, one-third see no change, and one-third feel better off.