Share prices tanked for Uber on Thursday during after-hours trading following the rideshare giant’s release of its quarterly earnings report, which revealed misses on both revenue and earnings per share.
That tumble marked a sharp contrast from earlier in the day when Uber ($UBER) shares had been trading upwards of 8 percent.
Uber posted $2.87 billion in revenues, compared to the $3.36 billion that analysts had expected. The company also reported $4.72 in losses per share, more than a dollar off of analysts’ expectations of just $3.12.
In a press release CEO Dara Khosrowshahi touted a rise in trips and gross bookings, and in a letter to investors, executives pointed to other positives, including the expansion of its new higher-end UberX service, Uber Comfort, further progress in the development of self-driving technology, and growing customer acquisition in markets like Argentina and Germany.
The company also highlighted the expansion of Uber Eats, which remains one of the most promising areas of growth for the rideshare company's businesses. That service saw 72 percent growth in revenues over the same quarter last year.
The number of consumers that used Uber’s delivery service each month is also up 140 percent, year-over-year.
“That business is extremely competitive, and I don’t see any indication of rationalization whatsoever,” said John Jannarone, the editor of IPO-Edge, though he warned that the company has not yet differentiated itself from other food delivery services.
While both Lyft ($LYFT) and Uber had bumpy starts following their public offerings earlier this year, the former saw its share prices level off following a generally positive earnings report release on Wednesday.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
