According to foreign media reports, Uber Technologies expects its total bookings in the fourth quarter to be lower than Wall Street’s expectations, indicating that the growth of its main ride-hailing business will slow further.
This news caused its share price to fall by nearly 8%.
Bookings, a key indicator of the number of passengers on online ride-hailing operators, slowed to the lowest point in more than a year in the third quarter of this year, falling short of analysts ‘forecasts.
Adam Ballantyne, senior analyst at Cambiar Investors, who owns Uber shares, said: “If short-term growth investors want more growth, such as accelerated growth, and they don’t get it, then they will be disappointed.
” Photo source: Uber,Uber’s main competitor Lyft’s share price also fell 2.4%. The company will report third-quarter earnings this week.
, Uber’s outlook highlights concerns about weakening demand in the online ride-hailing industry in recent quarters, as uncertain economic conditions and high inflation have put pressure on commuters.
Susannah Streeter, head of finance and marketing at Hargreaves Lansdown, said: “People may turn to lower-priced mobility options.
” Uber, the dominant ride-sharing market in North America, is looking to suburban America and other areas as its next growth driver amid concerns about market saturation.
“It’s actually a common misunderstanding that almost everyone uses Uber,” Uber CEO Dara Khosrowshahi said in a prepared statement.
Khosrowshahi said Uber plans to capture the suburban market by providing better long-distance pricing strategies in the suburbs and focusing on waiting and booking rides.
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