Uber Shares Jump as Strong Ridership Eases Inflation Worries
- Gross bookings increase 26%, but fall short of projections
- CEO says main ride-hailing business is ‘stronger than ever’
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Uber Technologies Inc. rose after reporting revenue that beat analysts’ expectations as gains in ridership assuaged investor concerns that rising inflation would damp consumer spending.
Third-quarter sales increased 72% to $8.34 billion, the San Francisco-based company said Tuesday in a statement. That exceeded the $8.1 billion analysts were expecting, according to data compiled by Bloomberg.