The ride-hailing company beat estimates for quarterly revenue and loss, improved its annual loss forecast and pledged to turn a profit by 2021. There could be more pressure on Uber shares Wednesday, when a stock lockup for a large swath of shareholders expires. As many as 1.7 billion additional shares could be eligible to trade, nearly doubling the total number outstanding. Like Lyft, Uber has also cut back on rider discounts and driver incentives in a bid to improve margins and narrow losses. Uber revised its annual loss forecast to between $2.8 billion and $2.9 billion, an improvement of $250 million.

Source: Los Angeles Times November 04, 2019 23:37 UTC