Uber Bookings Miss on Early Holidays, Weak Regional Demand
- Bookings growth still tops 20% on rides, order frequency gains
- Operating profit falls on anticipated legal fees, settlements
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Uber Technologies Inc. reported gross bookings in the first quarter that missed analysts’ estimates with softer-than-expected demand in Latin America and earlier holidays weighing on orders.
First-quarter gross bookings, which includes ride hails, delivery orders and driver and merchant earnings but not tips, rose 20% from a year earlier to $37.7 billion, the San Francisco-based company said Wednesday. That’s below the midpoint of the company’s own guidance provided in February and the average analyst estimate of $38 billion. Revenue was in line with expectations.