Uber Profit Forecast Misses Estimates

Uber forecast fourth-quarter profit below expectations due to driver shortages and higher costs. The ride-hailing company also reported slower quarterly revenue growth.

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FILE PHOTO: The logo for Uber Technologies is seen on a vehicle in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo

Uber forecast fourth-quarter adjusted profit below Wall Street expectations on Wednesday, weighed down by driver shortages and regional conflict. The ride-hailing platform projected adjusted profit of 95 cents to 99 cents per share, missing consensus estimates of $1.06 per share. The profit miss signals rising operational headwinds as the company ramps up spending on autonomous vehicles and driver retention.