Uber shares tumble as second-quarter forecast disappoints

Passengers board Uber ride-share cars after arriving at Los Angeles International Airport (LAX) in Los Angeles, California, U.S. July 10, 2022. REUTERS/David Swanson/File Photo

(Reuters) -Uber forecast second-quarter gross bookings below expectations after missing the target for the first three months on Wednesday, sending it shares down nearly 7% before the bell.

The weakness in a key metric that indicates the total value of revenue earned on the Uber platform signals demand weakness for the company's ride-share and food delivery services.