FT News Briefing Uber Eats fails to offset ride-sharing collapse, Quicken Loans IPO, Microsoft bids for all of TikTok
Aug 7, 2020
Uber's food delivery surge couldn't make up for the massive decline in ride-sharing, revealing shifts in consumer behavior. Quicken Loans celebrated a triumphant IPO, enjoying a significant stock spike amid a booming refinancing market. The effectiveness of the Paycheck Protection Program is under scrutiny, raising questions about job preservation. Meanwhile, Microsoft's quest for TikTok is complicated by geopolitics, as its longstanding experience in China could play a crucial role in the negotiations.
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Uber's Mixed Performance
- Uber Eats' revenue surged by 103%, exceeding $1 billion.
- This growth couldn't offset the 75% decline in Uber's ride-hailing business.
Quicken Loans IPO
- Rocket Companies, parent of Quicken Loans, returned to the public market with a 20% share price jump.
- They initially lowered their IPO price from $3.3 billion to $2 billion.
Quicken Loans' Business Model
- Quicken Loans specializes in mortgage refinancing, thriving when interest rates are low.
- Their record profits are tied to the Fed's rate cuts and increased refinancing.