Uber’s profit forecast disappoints as driver shortages, Middle East conflict hurt
Uber forecast adjusted profit below Wall Street expectations on Wednesday, as driver shortages, higher fuel costs and the Middle East conflict weighed on ride-hailing growth in markets ranging from India and Brazil to Canada.
The company is responding by spending more to recruit and retain drivers, a cost that will be watched closely because it comes as the company also funds a major push into autonomous vehicles and a string of acquisitions.
Uber forecast fourth-quarter adjusted profit of 95 cents to 99 cents per share, below estimates of $1.06 per share, according to data compiled by LSEG.
