Why Uber Technologies Fell 9% Today

Shares of Uber Technologies (NYSE: UBER) tumbled 9% on Thursday after the ridesharing tech leader missed analyst expectations for the first quarter.

Although Uber reported that gross bookings grew 24% year over year, it was not enough to lift revenue, which plunged 41% from the same period in 2020, after adjusting for needing to reclassify its drivers in the U.K. as employees.

The $2.9 billion it generated as a whole, along with $853 million from its mobility segment -- the largest portion of its business -- was reduced by $600 million due to the reclassification.

Source Fool.com