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.