Uber Technologies Inc. told investors that it would have billions of dollars in cash at the end of the year, even in its bleakest estimates about the business’s prospects.

Uber’s shares rose as much as 35.8% in early trading in New York, the most since the company listed last year.

During an analyst call Thursday, Uber said that it expects to have $6 billion in cash on hand, along with with a $2 billion debt revolver, at the end of the year. In the worst cast scenario, with the new coronavirus causing a more extreme slow-down in the ride-hailing business, the company would have only $4 billion in cash reserves plus the revolver, Uber Chief Executive Officer Dara Khosrowshahi said.

The company’s projections about its cash position were meant to reassure investors that Uber could weather the spread of Covid-19. The pandemic is keeping people in their homes as they attempt to slow the spread of the virus, devastating the ride-hailing business.

Khosrowshahi said that Hong Kong, which experienced the coronavirus ahead of the U.S. and Europe, saw trips fall 45% and that the city is now 30% off of its peak. Still Khosrowshahi acknowledged, “every city is going to be different.”

Uber’s stock has fallen faster than the rest of the market. The company market value was $25.5 billion on Thursday. Uber’s market capitalization in its initial public offering almost a year ago was three times that, at $75.5 billion.

Uber had $10 billion of unrestricted cash as of the end of February, the company said. Of that, $1.5 billion is committed to acquisitions that have already been signed Khosrowshahi also told investors that the company didn’t have “significant financial covenants” that could endanger the company’s cash position.

“We just thought it was important to update you quickly in such a dynamic situation,” Khosrowshahi said.