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Why Uber Technologies Fell 9% Today

Shares of Uber Technologies (NYSE: UBER) tumbled 9% on Thursday after the ridesharing tech leader missed analyst expectations for the first quarter. Although Uber reported that gross bookings grew 24% year over year, it was not enough to lift revenue, which plunged 41% from the same period in 2020, after adjusting for needing to reclassify its drivers in the U.K. as employees. Uber’s delivery business soared in the quarter, with gross bookings leaping 166% to $12.5 billion and adjusted EBITDA rising $113 million from last year.

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