Reported 26 days ago
Uber Technologies has indicated a slowdown in its core ride-hailing business, forecasting fourth-quarter gross bookings that fell short of Wall Street expectations, leading to an 8% drop in its share price. The ride-hailing sector is facing challenges with reduced demand in light of economic uncertainties, prompting a shift towards cheaper transport options. While Uber reported a 26.4% increase in gross bookings for its mobility services and beat revenue expectations, its outlook raises concerns regarding market saturation and the need to tap into suburban areas for future growth.
Source: YAHOO