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Uber forecasts weak quarterly profit, doubles down on robotaxi investment plans
['Akash Sriram', 'Wed', 'August At Pm Gmt', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Shares of the ride-hailing company fell 4.8% after the company forecast adjusted profit per share of 84 cents to 88 cents for the third quarter, below analysts' expectations of 89 cents, according to data compiled by LSEG.
It forecast third-quarter gross bookings of $58.25 billion to $60.25 billion, broadly in line with analysts' expectations of $59.21 billion, according to data compiled by LSEG.
Foreign exchange is expected to trim reported third-quarter gross bookings growth by about one percentage point from last year, the company said, after boosting growth over the previous four quarters.
Uber's second-quarter gross bookings of $58.02 billion topped analysts' estimates of $57.06 billion, while adjusted core earnings also exceeded expectations.
Uber said it added more first-time users over the past year than during any comparable period in the previous five years, helping lift gross bookings by 24%.