Uber shares tumble as weaker ride-share demand hurts Q2 forecast

forecast gross bookings below Wall Street expectations, sending its shares down 9% and putting the ride-share and food delivery company on course to shed more than $10 billion in market value. Uber’s disappointing forecast was in sharp contrast to an upbeat guidance late on Tuesday from smaller rival Lyft, which lifted its shares up 8%. …

EU to treat 5.5 million Deliveroo, Uber Eats, Bolt and other gig economy workers as employees after Belgium breaks deadlock

European Union countries reached a compromise Monday that breaks a logjam on planned rules over workers’ rights in the gig economy by keeping the most important decisions in the hands of member states. The agreement marks a turning point in the EU’s years-long efforts to set clearer employment rights for millions of delivery couriers and …

Ride-Hailing Is Uber’s Big Moneymaker, But That Could Change in the Future. Should Investors Care?

If you asked 10 different people what Uber Technologies (NYSE: UBER) does, all 10 would likely say Uber is in the “ride-hailing” business. They’d be right. For investors, though, there’s an important footnote worth adding to this answer. Although personal mobility currently makes up the biggest piece of the company’s top and bottom lines, its delivery services unit …

Uber stock pops more than 14% on $7 billion share buyback

Uber’s stock closed up more than 14% on Wednesday after the ride-hailing company announced it will buy back up to $7 billion worth of company shares. “Today’s authorization of our first-ever share repurchase program is a vote of confidence in the company’s strong financial momentum,” Uber CFO Prashanth Mahendra-Rajah said in a press release Wednesday morning. Mahendra-Rajah added that …

Uber beats estimates as revenue and bookings see double-digit growth

Uber reported fourth-quarter results Wednesday that beat analysts’ estimates on the top and bottom lines. Shares of Uber closed mostly flat Wednesday. Here’s how the company did: Uber reported net income of $1.4 billion, or 66 cents per share, compared with $595 million, or 29 cents per share, in the same quarter last year. Uber’s net income includes a $1 …

Uber Sets Profit Record As Lyft And DoorDash Keep Losing Money

Uber turned a profit last year for the first time in its five-year history as a public company, the ride-hailing giant revealed in its Wednesday morning earnings report, as Uber widens the distance between it and long-time rivals Lyft and DoorDash. KEY FACTS Uber raked in $1.9 billion in profit last year, a remarkable recovery from …

Uber expects strong core profit as ride share, food delivery pick up pace

Uber Technologies forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses. It posted its first annual net profit as a public company as user retention improved, also benefiting from initiatives like memberships, corporate …

Report: Uber to Close Drizly E-Commerce Alcohol Delivery Platform

Uber has decided to shut down Drizly just three years after acquiring the alcohol e-commerce delivery platform for $1.1 billion, Axios reported today. Pierre-Dimitri Gore-Coty, Uber’s SVP of delivery, in a statement to Axios, said the company has decided to close Drizly in order to focus on its “core UberEats strategy of helping consumers get almost …

Uber’s Q3 numbers include impressive profitability gains, slower-than-expected growth

Uber reported third-quarter earnings on Tuesday that show a profitable ride-hail and delivery company that’s chugging along in spite of slowing growth in some sectors. The company reported revenue of $9.3 billion, an 11% increase year over year. Investors had expected Uber to report revenues of around $9.5 billion (FactSet, Refinitiv), meaning that despite the company’s growth, …

Uber could launch a service similar to TaskRabbit

In the future, when you need someone’s help to get a task done, you might find yourself launching the Uber app on your phone. According to Bloomberg, the company is exploring the possibility of offering a new TaskRabbit-like service. Developer Steve Moser found code hidden within Uber’s iPhone app for an offering that’s reportedly codenamed “Chore.” Based on …