Uber forecasts gross bookings for second quarter below expectations
Uber forecast second-quarter gross bookings below expectations after missing the target for the first three months on Wednesday, signaling weakness in its ride-share and food delivery services.
The company's profitability push, however, is yielding result as core profit for the first quarter and its forecast exceeded Wall Street expectations.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIts report comes a day after Lyft posted better-than-expected results and forecast a strong quarter.
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Uber's smaller rival said it was seeing industry-wide growth in ride-share demand and was able to draw in users with features like shorter wait-times.
Unlike Lyft whose ride-hailing services are limited to the United States and parts of Canada, Uber benefits from a larger presence in about 70 countries and a wider range of services, including logistics services.
«Our broader growth portfolio is not only growing quickly but is also seeing improved profitability with scale,» CEO Dara Khosrowshahi said in his prepared remarks.
Uber expects second-quarter adjusted core profit, a key profitability measure, between $1.45 billion and $1.53 billion, with its mid-point of $1.49 billion coming above analysts' average estimate of $1.47 billion, according to LSEG data.
It expects gross bookings, or the total
