Uber disappointed investors with quarterly results showing lackluster gains in bookings and monthly active users, two metrics closely watched by Wall Street.
Uber Technologies Inc. disappointed investors with quarterly results showing lackluster gains in bookings and monthly active users, two of the metrics most closely watched by Wall Street. Shares fell.
The results come as the San Francisco-based company seeks to assure investors it can evolve from a ride-hailing service to a global all-in-one transportation platform. There could be more pressure on Uber shares Wednesday, when a stock lockup for a large swath of shareholders expires. As many as 1.7 billion additional shares could be eligible to trade, nearly doubling the total number outstanding.
Khosrowshahi has sought to rein in spending, slicing roughly 1,200 positions from sales and marketing, engineering and product. Like Lyft, Uber has also cut back on rider discounts and driver incentives in a bid to improve margins and narrow losses. Since going public in May, Uber investors have punished the company for its growth-at-all-costs strategy. The stock closed Monday at $31.08, well below the $45 IPO price.Profitability may still be a couple years away, but Uber ended the third quarter with about $12.7 billion in cash, suggesting plans to continue investing in growth.
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