Uber Technologies on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing due to strong leisure travel trends and gradual return to in-office work.The ride-sharing platform's cost controls ranging from layoffs to lower transaction costs
Uber Technologies on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing due to strong leisure travel trends and gradual return to in-office work.
However, Uber reported second-quarter revenue of $9.23 billion, missing analysts' estimates of $9.33 billion, according to Refinitiv IBES data, as a weak freight market pinches. "Over the next few quarters, we will evaluate returning excess capital to shareholders as our cash flows ramp, and with any potential further monetization of our equity stakes over the long term," Uber added.
Economic uncertainty and high levels of inflation have forced many to seek driving opportunities with Uber and rival Lyft to supplement their regular income. Drivers for Uber's ride-share segment grew by 33 per cent from a year earlier.
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