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Why Uber Stock Plunged Today

TheMotleyFool

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Shares of Uber (NYSE: UBER) have plunged today, down by 9% as of 2:30 p.m. EST, after the company reported third-quarter earnings. The results beat expectations, but investors expressed skepticism that the ride-hailing leader can become profitable.

Revenue came in at $3.8 billion, ahead of the $3.7 billion in sales that analysts were expecting. The company continues to post considerable losses, though, to the tune of $1.2 billion during the quarter, or $0.68 per share. That was less red ink than the $0.81-per-share loss that investors were bracing for. Gross bookings jumped 29% to $16.5 billion, and Uber now has 103 million monthly active platform consumers.

Image source: Uber.

Source Fool.com

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