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Coronavirus Update: Uber, Groupon, Etsy, and Datadog Report Earnings

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Good morning, it’s Friday, August 7. Here’s your daily coronavirus update.

There are over 19.1 million cases of the virus worldwide, with over 715,000 deaths.

According to Johns Hopkins, the U.S. has 4.8 million cases with over 160,000 deaths. According to Johns Hopkins, the first case of COVID-19 was reported 197 days ago.

According to the COVID-19 Tracking Project, there were 54,184 new cases reported Thursday. 731,700 new tests were reported. And 1,251 deaths were reported yesterday.

Uber reported earnings after the bell and posted mixed results for its second quarter.

Uber told investors that it will turn a profit on an adjusted basis by sometime in 2021, but the timing of that goal depends on the timeline of COVID-19 and an eventual recovery to its core rideshare segment, which accounts for the large majority of its revenue in a typical quarter.

Datadog reported 68% growth in revenue to $140 million with earnings of 5 cents per share. The New York City-based company was expected to report revenue of $135.4 million with a profit of a penny per share.

Groupon reported a narrower-than-expected second-quarter net loss and a revenue figure that was more than double the analysts' estimate.

Selling, general and administrative expenses dropped nearly a third to $143.6 million, driven by job cuts and furloughs that the company initiated in April. And the company slashed marketing expenses by 72% to $25.2 million.

And Etsy blew away second-quarter earnings expectations as consumers stuck at home shopped online.

The company reported an increase of 18.7 million new buyers and reactivated buyers in the quarter. Reactivated means consumers who hadn't purchased anything on Etsy for at least a year.

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

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