Heavy spending on incentives to address driver shortages weighed on Uber’s rideshare business, dragging down its overall performance as it continues to deal with the effects of the pandemic.
Uber’s adjusted earnings before interest, tax, depreciation and amortisation — the company’s preferred metric for the health of its underlying businesses — came in well below analysts’ predictions.
The company’s share price fell more than 8 per cent in after-hours trading, having already been down more than 5 per cent for the week.
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