Shares of Uber (NYSE: UBER) have plunged today, down by 9% as of 2:30 p.m. EST, after the company reported third-quarter earnings. The results beat expectations, but investors expressed skepticism that the ride-hailing leader can become profitable.
Revenue came in at $3.8 billion, ahead of the $3.7 billion in sales that analysts were expecting. The company continues to post considerable losses, though, to the tune of $1.2 billion during the quarter, or $0.68 per share. That was less red ink than the $0.81-per-share loss that investors were bracing for. Gross bookings jumped 29% to $16.5 billion, and Uber now has 103 million monthly active platform consumers.
Image source: Uber.
Source Fool.com