Tuesday, July 23, 2024
HomeTravelUber bets on holiday travel demand to forecast strong fourth quarter

Uber bets on holiday travel demand to forecast strong fourth quarter

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.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments

Translate »
×