An Uber sign is seen at a shopping mall in San Diego, California, U.S., November 23, 2022. REUTERS/Mike Blake/File photo Acquire Licensing Rights
Nov 7 (Reuters) – Uber Technologies (UBER.N) forecast fourth-quarter adjusted core profit and gross bookings above market expectations on Tuesday, betting that the holiday season would boost demand for its ride-hailing and food-delivery services.
It, however, missed Wall Street’s profit target for the July-September period and posted its lowest revenue growth since 2021, which the company said was due to an accounting change.
Uber shares fell as much as 7% in premarket trading following the results before gaining 1.5%.
After a bruising 2022, the dominant U.S. ride-hailing company has benefited from the return-to-office push by companies and resilient travel demand despite inflation.
Uber expects adjusted core profit, a key profitability measure, between $1.18 billion and $1.24 billion. Analysts expected $1.15 billion, LSEG data showed.
Uber bets on holiday travel demand to forecast strong fourth quarter
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