Uber Technologies (UBER.US) posted a wider-than-expected loss for the third quarter. The ride-hailing company had an adjusted loss of 62 cents a share on revenue of $3.1 billion. Analysts surveyed by FactSet predicted that the company lost 61 cents a share on sales of $3.2 billion. The firm’s gross mobility bookings (core ride-hailing business) fell 53% to $5.9 billion. On the other hand, its delivery bookings (Uber Eat services) rose 134% to $8.55 billion.
Investors might still be bullish due to recent referendum held in California as the state’s citizens backed gig economy. Therefore, Uber will be allowed to hire drivers as independent contractors rather than employees - we covered it in depth in yesterday’s analysis titled “Stock of the week: Uber Technologies”.
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Uber stock is trading higher today despite weaker-than-expected 3Q earnings. Some investors might be willing to overlook poor quarterly report amid favourable referendum outcome. In fact, stock soared roughly 25% since Wednesday’s market open! Shares are currently testing Uber’s IPO price ($45). Source: xStation5
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