Uber forecasts fourth-quarter profit below analyst expectations

Uber forecast fourth-quarter adjusted earnings of 95 to 99 cents per share, below the $1.06 analysts expected, as the company cited driver shortages, higher fuel costs and conflict in the Middle East as pressures on ride-hailing growth. The guidance accompanied third-quarter revenue that exceeded estimates, though the company’s outlook for bookings and adjusted core profit included ranges both above and below analyst forecasts. Revenue for the quarter was $14.77 billion, up 10% from a year earlier and above the $14.69 billion estimate cited by Reuters. Uber said Mobility gross bookings rose 17% on a constant-currency basis, slowing from 20% growth in the second quarter. Delivery bookings increased 22% and Freight bookings 35%, according to the company. Uber forecast fourth-quarter gross bookings of $63.25 billion to $65.25 billion, compared with analysts’ $64.42 billion estimate. It projected adjusted core profit of $3.13 billion to $3.23 billion, against an estimate of $3.19 billion. The company’s earnings-per-share forecast was below the analyst estimate cited by LSEG. Chief Executive Dara Khosrowshahi said elevated fuel prices and tighter driver availability weighed on...