Uber’s results far undershot expectations in the first quarter, weighed down by costs from the ride-hailing company’s decade-long battle with global regulators.
The San Francisco-based company reported operating profit of $172mn for the first three months of the year, compared with analysts’ forecasts for more than $600mn.
Uber on Wednesday attributed the shortfall to “discrete legal and regulatory reserve changes and settlements”, though the company said it was “resolving several legacy matters”.
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