Aug 8, 2019
Uber shares tumble as profit figures disappoint Wall Street
Uber's shares went into reverse on Thursday after the taxi-hailing company unveiled profit figures that failed to live up to expectations. Uber and its rivals are spending heavily to expand, but boss Dara Khosrowshahi said that the competitive pressures are easing. On Wednesday, rival Lyft reported figures that were generally welcomed on Wall Street, and there was an expectation that Uber would also post positive numbers. Uber and Lyft have historically relied on subsidies to attract riders, and have been spending heavily to expand into areas such as self-driving technology and food delivery. Uber, which admitted ahead of its Wall Street listing that it may never make a profit, is trying to convince investors that growth will come not only from its ride services, but also from other logistics and food delivery services.
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