Uber shares slide as slowing bookings growth spooks investors

Uber Technologies reported a slowdown in its core taxi business, forecasting fourth-quarter gross bookings below Wall Street expectations, causing shares to drop nearly 8%.

Third-quarter bookings growth fell to a year-long low, reflecting decreased demand amid economic uncertainty and high inflation.

However, Uber's revenue of $11.19 billion surpassed estimates, driven by a 26.4% increase in mobility bookings and record user engagement.

CEO Dara Khosrowshahi emphasized the company's focus on capturing suburban markets with improved pricing strategies. Adjusted EBITDA for Q4 is projected between $1.78 billion and $1.88 billion, slightly below expectations.