Passengers board Uber ride-share cars after arriving at Los Angeles International Airport in Los Angeles, California, U.S. July 10, 2022. REUTERS/David Swanson/File Photo
The company's profitability push, however, is yielding result as core profit for the first quarter and its forecast exceeded Wall Street expectations.Uber's smaller rival said it was seeing industry-wide growth in ride-share demand and was able to draw in users with features like shorter wait-times. "Our broader growth portfolio is not only growing quickly but is also seeing improved profitability with scale," CEO Dara Khosrowshahi said in his prepared remarks.
It expects gross bookings, or the total dollar value earned from its services, in the range of $38.75 billion to $40.25 billion, below expectations of $40.04 billion.
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