Uber reported strong growth in its third-quarter earnings report on Wednesday, but stumbled on the bottom line after absorbing a $479 million charge for what the company described as undisclosed legal and regulatory matters. The hit to profitability overshadowed a quarter that otherwise marked one of the largest trip-volume increases in the ride-hailing giant’s history.
Uber reported operating income of $1.11 billion for the quarter ended Sept. 30, significantly below the $1.62 billion analysts had expected. CFO Prashanth Mahendra-Rajah attributed the shortfall partly to these legal and regulatory issues during the company’s earnings call, though Uber did not provide specific details about which cases or settlements the charge covered.
