Revenue rose 14% year over year to $9.2 billion, which represented the company’s slowest growth in more than two years and fell a bit short of the $9.4 billion projected by analysts. Uber’s stock price, which had doubled for the year to date ahead of the results, fell around 5% in midday trading Tuesday. More milestones are ahead still, as Uber works toward landing an investment-grade debt rating and building up its balance sheet. Nikhil Devnani of Bernstein said steady GAAP profitability is the final hurdle for Uber to be included in the S&P 500. Uber’s stock may only be taking a rest stop.

Source: Wall Street Journal August 01, 2023 17:15 UTC