FT News Briefing Friday, August 9
Aug 9, 2019
Uber's staggering $5.2 billion loss raises eyebrows as it struggles post-IPO. Meanwhile, Italy's political drama unfolds with a confidence vote looming for Prime Minister Conte. In the UK, Boris Johnson hints at a general election amidst Brexit chaos. Broadcom's acquisition of Symantec for $10.7 billion signals a big shift in the tech landscape. WeWork is revamping its corporate structure ahead of its public offering, exploring unique financial strategies to attract investors. Stay tuned for fresh cultural explorations paired with intriguing promotions!
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Uber's Q2 Performance
- Uber's Q2 losses grew to $5.2B, exceeding expectations, but revenue also rose to $3.2B.
- Stock-based compensation and driver awards related to the IPO significantly impacted these figures.
Italian Political Turmoil
- Italy's Prime Minister Giuseppe Conte called for a vote of confidence amidst a coalition crisis.
- Interior Minister Matteo Salvini triggered this by requesting new elections.
Market Rebound
- Upbeat Chinese trade data, showing export growth in July, calmed investor nerves.
- This led to a significant jump in US stock markets, the biggest in two months.