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Uber sees Q4 profit below estimates on fuel, driver costs
Uber forecast fourth-quarter adjusted profit below Wall Street estimates, saying higher fuel costs, driver shortages, and the Middle East conflict weighed on ride-hailing demand in markets including India, Brazil, and Canada.
Third-quarter revenue rose 10% to US$14.77 billion, beating analyst estimates.
It was Uber’s slowest revenue growth since the first quarter of 2021.
The company said it is spending more to recruit and retain drivers. Higher fuel prices have also hurt drivers’ earnings.
Uber also agreed to buy ezCater, a US-based catering marketplace for business customers.
Separately, Uber expects about 700 fully driverless vehicles on its platform by year-end.
Its autonomous vehicle operations are also expanding to more cities.
🔗 Source: Reuters
