CNBC After Hours
CNBC After Hours

Uber reports massive losses, and big layoffs hit Silicon Valley's lucrative start-up sector: CNBC After Hours

Uber earnings and big layoffs hit Silicon Valley's lucrative start-up sector: CNBC After Hours

In this article's MacKenzie Sigalos brings you the day's top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. Today, CNBC's Kate Rooney also takes a look at the widespread layoffs hitting the lucrative tech sector and start-up scene.

Here's what you missed in business news today:

Uber's quarterly net loss balloons to $2.9 billion, its biggest loss in three quarters

Ride-hailing giant Uber just reported first-quarter results.

The net loss of $2.9 billion, total, included $2.1 billion in impairment charges from companies in which Uber has a stake,  but represented Uber's biggest loss in three quarters.

Gross bookings in Uber's core business segment, Rides, fell 5% from a year ago. However, on the company's earnings call, CEO Dara Khosrowshahi said that the Rides business was down around 80% in April from last year, suggesting a hard Q2 ahead.

Moderna shares surge after FDA approves coronavirus vaccine for phase 2 trial

Shares of Moderna surged Thursday after it announced that the Food and Drug Administration cleared its coronavirus vaccine for a phase 2 trial, what the company called a "crucial step."

Moderna said it will begin phase 2 trials with 600 participants shortly and is finalizing plans for a phase 3 trial as early as this summer.

Google tells employees they can't expense food or other perks when working from home

Google employees won't be able to expense food or gym costs while working from home — even if they have extra money from unused event or travel budgets.

The company issued an updated policy in the last week that states employees cannot expense perks while working from home, including food, fitness, home office furniture, decoration or gifts, according to materials viewed by CNBC.