Uber’s ride-hailing business made a strong recovery in the first quarter, offering a rosy outlook on growth following the pandemic, in stark contrast to smaller rival Lyft, which has reported disappointing results.
The San Francisco-based company forecast on Wednesday that underlying profits were also likely to grow ahead of Wall Street’s forecasts for the second quarter.
Uber’s results come after shares in Lyft fell 25 per cent in pre-market trading on Wednesday, after reporting revenues and profits below investors’ expectations.
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