Aug 1 (Reuters) – Uber Technologies (UBER.N) on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing due to strong leisure travel trends and gradual return to in-office work.
The San Francisco-based company’s shares rose over 4% in trading before the bell. The stock has doubled so far this year.
The ride-sharing platform’s cost controls ranging from layoffs to lower transaction costs and maintaining a steady headcount have helped the company maintain its target to post operating income profitability this year. At the same time, the number of rides after the pandemic is growing.
Uber forecasts quarterly operating profit above estimates on ride-hailing demand
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