Uber Technologies Inc. (UBER) saw its stock price tumble 5.07% in pre-market trading on Monday, underperforming the broader market. The ride-hailing and food delivery giant's stock plummet comes amid broader concerns surrounding the gig economy sector.
According to recent earnings reports, gig economy stocks, including Uber's peers DoorDash (DASH), Lyft (LYFT), and Upwork (UPWK), have collectively reported mixed results. While revenues beat analysts' consensus estimates by 2.5%, the next quarter's revenue guidance was in line with expectations.
Uber's rival Lyft reported a 26.6% year-over-year increase in revenue but fell short of analysts' expectations by 0.9%. Meanwhile, food delivery platform DoorDash exceeded analysts' expectations with a 24.8% year-over-year revenue growth, but its EBITDA guidance for the next quarter slightly missed Wall Street's estimates.
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