Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.

<div class="block">Uber missed analysts&#39; projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.</div>

Stretching Your Dollar

Breaking Down Uber's Latest Earnings and What to Expect This Fiscal Year

Uber reported its latest quarterly earnings this morning and it seems that people are riding more than ever, however, it didn't bring in as much as Wall Street expected. Jar News, senior reporter Michelle Castilho is here to break down what we need to know about Uber and ride sharing. Michelle, let's start with how Uber did this past quarter while the number of trips was up double digits year over year. Geor Uber missed analyst projections for earnings per share and revenue this past quarter. So let's take a closer look at those. Uber earned 10 cents per share during the third quarter of 2023 and revenue of $9.29 billion despite revenue being up 11% compared to last year, both figures still failed to meet analyst estimates. So the number of trips did increase about 25% year over year to 2.4 billion rides. The company said it also works with 6.5 million active drivers and couriers and they paid out about $16 billion this past quarter. Did Uber give away any hints about what we can expect for the rest of the year, Michelle? Well, Uber, Ceo Dara Kosar Strai said in a statement that Uber is seeing people shift from their spending from retail to services. So October set a monthly record for the number of trips and gross bookings and it expects those figures to increase especially because the holidays are usually its busiest period. The company is projecting gross bookings between $36.5 billion and $37.5 billion. Those figures came in a little bit above analyst estimates which was expecting a midway point of 36.5 billion. It also expects mobility and delivery gross bookings to grow 20% to 23% and trips are expected to increase 20% year over year. Now, Uber Ceo said quote, these results demonstrate that Uber continues to drive profitable growth at scale and why we believe we for the journey ahead in good or bad macro environments. The company is also expanding its Uber one monthly subscription service which actually they just added 18 countries this past quarter and it also started working with autonomous vehicle company, Waymo to let people in Phoenix request driverless cars. What's the biggest challenge that Uber is facing right now? Well, Uber, like many ride sharing gig economy companies to j is facing legal battles over whether people who work for it are actually employees or independent contractors. So recent, Uber and Lyft settled with New York State and the companies agreed to pay $328 million to drivers who had taxes incorrectly taken out of their pay. In addition, these companies had to start offering sick leave and a minimum wage of $26 for people who drove outside New York City. However, the company did not have to admit fault nor change the designation of the drivers to employees. But this is just one of many states that have brought up issues with ride share employment and that model California and Washington also have pending litigation. Now, Kro Shahi said the company has made many changes to a comm drivers including flexible earning opportunities. He believes this brought in 1 million new drivers to Uber alone this year. It also now lets drivers see how much they can potentially earn from rides before they accept a request. Thanks so much Michelle Castillo for that report about Uber.