Uber Technologies Inc on Tuesday forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 10%.
The logo for Uber Technologies is seen on a vehicle in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kellyon Tuesday forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 10%.
"We've seen these trends continue into the fourth quarter, with October tracking to be our best month ever for both mobility and total company gross bookings," he said as revenue in its rideshare segment rose 73% in the third quarter. Uber, however, is also aiming to scale back hiring and reduce expenses to expand profitability amid macroeconomic uncertainties, with Khosrowshahi stressing the importance of "not taking anything for granted".
The company forecast fourth-quarter adjusted EBITDA, a profitability metric keenly watched by investors, between $600 million and $630 million. Analysts were expecting $569.39 million, according to Refinitiv data.
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