Driver shortages slow Uber’s trip growth as profit rises 29%
Uber’s trips rose 16 per cent in the third quarter, below analysts’ expectations, as driver shortages in several countries held back growth. Net profit climbed 29 per cent to $1.8 billion.
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Uber’s ride and food-delivery trips grew more slowly than analysts expected in the third quarter, as the company faced a shortage of drivers in several countries. Despite the slowdown, net profit rose 29 per cent to $1.8 billion.
The company recorded 4.1 billion trips, up 16 per cent on the same quarter a year earlier. Uber chief executive Dara Khosrowshahi said the driver shortage was particularly acute in India, Brazil and Canada. The reported trip total includes both taxi rides and meal deliveries.
Uber’s revenue increased 10 per cent to $14.8 billion. The company also said continuing tensions in the Middle East were weighing on its outlook for the coming holiday period.
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