Uber on Thursday reported its first operating profit in the quarter ending September 30 since the company launched a decade ago.
Uber on Thursday reported its first profitable quarter on an adjusted basis since it launched more than a decade ago with its two most important segments, ride-hailing and restaurant delivery, both turning the corner. Company executives allayed investor concerns about a shortage of drivers, telling analysts that spending on incentives to entice drivers back on the road after the pandemic was largely behind the company. But a massive drop in the value of its stake in Chinese ridehailing company Didi drove a $2.4 billion (roughly Rs.17,853 crore) net loss in the third quarter, and Wall Street viewed Uber’s fourth-quarter forecast as disappointing. Shares bounced in after-hours trade and were up about 1 percent as Uber briefed Wall Street in a call. The California-based company reported adjusted earnings before interest, taxes, depreciation and amortization, a measure that excludes one-time costs such as stock-based compensation, of $8 million (roughly Rs.59.5 crore) for the quarter ended September 30. That compared to a loss on the same basis of $625 million (roughly Rs.4,649 crore) a year ago. Uber forecast an adjusted profit of $25 million (roughly Rs.185 crore) to $75 million (roughly Rs.557 crore) for the last quarter of 2021. Analysts on average expected $114 million (roughly Rs.
