Investors clearly weren’t listening on Monday when JP Morgan boss Jamie Dimon declared the US’s latest banking crisis “over”. Stocks in regional banks across the country plunged by as much as 28% yesterday. This was despite Dimon’s assurance that his bank’s purchase of First Republic had put a stop to the SVB-induced domino chain of failing banks. Hard to hear him over the sound of all the dominoes continuing to fall.

The lowdown

• 📈 HSBC triples profits following £1 takeover over SVB UK.

• 📉 US regional bank shares plunge despite JP Morgan’s First Republic purchase.

• 🤖 EdTech startup Chegg shares are halved as CEO admits ChatGPT is making their business obsolete.

Featured stories

Uber gets five stars from investors

It was a good day for Uber investors on Wednesday as shares popped by almost 9% following the release of the ride-share giant’s better-than-expected Q1 results.

Following a tough time for competitor Lyft, which has recently seen mass layoffs and executive turnover, it had been assumed that Uber would be hailing a ride in the same direction. However, Uber beat analysts’ expectations across the board. Q1 revenue was $8.82 billion, $100 million over expectations, while the company's GAAP loss was also narrower than expected.

The main driver appears to be the resurgence of the company’s flagship ride-hailing service, following a pandemic dip as we were all locked in our homes eating take out – which was, of course, great news for Uber’s food-delivery arm UberEats, which helped sustain the company through the lockdowns. Ride-hailing bookings are now up 40% from this time last year, while food bookings have also continued to rise, albeit much more modestly (8%).

Following a period of post-pandemic rapid growth, there are signs of a slowdown. This would be a concern to investors, but within those numbers there are also signs that Uber is on its way to profitability, a transition many growth-focused companies fail to navigate.

The content we're consuming today

• Business insider: Why does everything cost so much? Because businesses are 'hiding behind inflation to jack up prices.' ($)

• Deaglo: A New Era: Navigating ESG & Investment in Lula's Brazil

• The Wallet podcast: How do fund managers pick stocks?

Off-balance sheet items

• It’s been a tough few weeks for Bud Light’s marketing team, but at least they don’t have to worry about AI taking their jobs anytime soon. That is, unless the beer’s new creative direction happens to be ‘terrifyingly surreal hellscape soundtracked by Smash Mouth’.

The bottom line