In today’s top news, Uber withdrew 2020 guidance as it anticipate revenue decline, and China’s economy will record its first-ever GDP loss. Plus, banks can take stimulus money to cover withdrawn accounts.
The ongoing coronavirus pandemic has caused Uber to withdraw its 2020 guidance as it anticipates a $1.9 billion to $2.2 billion impairment charge. It is also expecting $17 million to $22 million in first-quarter losses and $60-$80 million in the second quarter.
China’s economy is going through its worst three-month period in decades and will record its first-ever GDP loss — 6.8 percent in the first quarter of 2020 compared to 2019.
Some cash-strapped people have reported losing some or all of their coronavirus stimulus money because their bank accounts are overdrawn. But the country’s four biggest banks — Bank of America, JPMorgan Chase, Citibank and Wells Fargo — pledged not to garnish customers’ stimulus funds.
As COVID-19 moves the economy online, Stripe unveiled an additional $600 million in Series G funding from investors, including of Sequoia, Andreessen Horowitz, GV and General Catalyst. Stripe says it intends to invest more in expanding its platform.
Quick-service restaurants are scrambling to accommodate off-premise food orders as dine-in areas close to slow the spread of the coronavirus. But for the 20 percent of U.S. restaurants offering drive-thru service, dine-in bans are creating opportunities, boosting revenue and fostering loyalty. In the latest Order To Eat Tracker, Tory Bartlett, chief customer experience officer for fast casual restaurant Schlotzsky’s, discusses how the chain is speeding up drive-thru traffic flow with cloud-based performance metric solutions and digital menu boards.
Stay-at-home orders have boosted consumers’ reliance on digital shopping, with consumers being 30.6 percent more likely to buy online than last year. But what’s expected of connected devices now that they are consumers’ primary way to shop and pay? For the 2020 Remote Payments Report, PYMNTS surveys 2,062 consumers to learn about five major ways in which social-distancing measures are transforming consumer-spending habits.
Despite the still blowing headwinds, society has turned its eyes toward the horizon and started actively planning for what will be a phased walk back to normal. Across financial institutions, big businesses, small entrepreneurs and government, a rare and inspiring uniformity of purpose is emerging.