Uber 2024 profit forecast falls short of expectations, shares drop


FILE PHOTO: Delivery bags with logos of Uber Eats are seen on a street in central Kiev, Ukraine May 27, 2020. REUTERS/Valentyn Ogirenko/File Photo

(Reuters) -Uber Technologies Inc laid out a $5 billion operating profit for 2024 that fell short of analyst estimates, sending its shares down 4% on Thursday, even as the ride-hailing company revealed several strategies to boost ridership and bring down costs.

The forecast is below the $5.7 billion analysts expect for 2024, according to Refinitiv data. The stock reversed course after being up as much as 5% earlier in the day.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Tech News

Cybersecurity agency warns that US water utilities are vulnerable to hackers after Pennsylvania attack
CelcomDigi introduces new 5G postpaid plans, but with speed caps
China sells quantum chips to Middle East and Western countries in show of growing influence in sector
Elon Musk says Neuralink has never caused the death of a monkey
Love cover: China couple sue insurance firm for refusing to honour policy with RM6,500 payout for decision to live happily ever after
High school fires IT manager – then he launches cyberattack on its network, US feds say
Meta Platforms' paid ad-free service is targeted in EU consumer groups' complaint
Fraudsters target individuals with fake Ninja Van delivery notifications in email phishing scam in Singapore
Eminem in Fortnite? Check out his live in-game performance on Dec 3
India's Tata Technologies soars 180% in debut trade, valued at nearly $7 billion

Others Also Read