Uber Stock Sinks as Operating Income Falls Well Short of Estimates

Core Insights - Uber Technologies reported a net income of $6.88 billion, or $3.21 per share, on revenue of $11.96 billion, significantly exceeding analysts' revenue expectations of $11.76 billion but falling short on profit estimates [1][2] - The company's operating income of $770 million was well below the expected $1.21 billion, leading to a nearly 7% drop in shares following the report [2] - Gross bookings reached $44.2 billion with 3.07 billion trips, both figures surpassing analyst expectations, indicating strong operational performance despite the income miss [3] Financial Performance - Net income: $6.88 billion, or $3.21 per share [1] - Revenue: $11.96 billion, compared to expected $11.76 billion [1] - Operating income: $770 million, missing estimates of $1.21 billion [2] - Adjusted EBITDA: $1.84 billion, slightly below expectations [2] Operational Metrics - Gross bookings: $44.2 billion, exceeding the expected $43.48 billion [3] - Total trips: 3.07 billion, higher than the anticipated 3.02 billion [3] - Year-over-year trips growth: 18%, compared to 17% in the previous quarter [3]