Uber Misses on Profit Even as Rideshare, Delivery Trips Soar
Uber is planning to change how it reports profitability starting the first quarter of next year.
Photographer: Michael Nagle/BloombergUber Technologies Inc. shares fell the most in 11 months after the company issued a muted adjusted earnings forecast and said legal charges ate into its third-quarter profits, overshadowing strong growth in its rideshare and delivery businesses.
Operating income for the three months ended Sept. 30 was $1.11 billion, the company said in a statement Tuesday. Analysts were expecting $1.62 billion, according to Bloomberg-compiled data. That was partially due to undisclosed legal and regulatory matters, Chief Financial Officer Prashanth Mahendra-Rajah said in prepared remarks. Adjusted earnings before interest, taxes, depreciation and amortization came in at $2.26 billion, slightly below estimates.