Uber shares slide 8% as slowing bookings growth spooks investors
gross bookings below Wall Street estimates, sending its shares down nearly 8%.
Bookings growth, a key measure of ridership for online taxi operators, slowed to a more than one-year low in the third quarter and fell short of analysts' forecasts.
«If near-term growth investors want much more growth, like acceleration, and they didn't get it, they'd be disappointed,» said Adam Ballantyne, senior analyst at Cambiar Investors, which holds Uber stock.
Shares of rival Lyft, which is set to report quarterly results next week, fell 2.4%.
Uber's outlook underlined concerns about weakening demand in the ride-hailing industry in recent quarters as an uncertain economy and high inflation weigh on commuters.
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