Uber Says Costs to Recruit Drivers Will Weigh on Results

Worker reclassification in the U.K. costs $600 million
Adjusted loss narrows to $359 million, or 6 cents a share

WATCH: Uber shares initially surged, indicating the ride-hailing service has recovered, but shares fell during the conference call. Su Keenan reports.(Source: Bloomberg)

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By Lizette Chapman

May 5, 2021 at 8:05 PM UTC

Updated on

May 5, 2021 at 9:19 PM UTC

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Uber Technologies Inc. said spending on recruiting drivers will impact earnings in the second quarter, placing another hurdle in front of the company’s goal to reach profitability by the end of the year.

Bonuses and other incentives to get drivers back on the road will reduce the rate Uber takes from fares by about 20% this quarter, the company said in a conference call with analysts Wednesday.