Uber forecasts quarterly operating profit above estimates on ride demand

Uber Technologies on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing due to strong leisure travel trends and gradual return to in-office work.

The San Francisco-based company’s shares rose over 4% in trading before the bell. The stock has doubled so far this year.

The ride-sharing platform’s cost controls ranging from layoffs to lower transaction costs and maintaining a steady headcount have helped the company maintain its target to post operating income profitability this year. At the same time, the number of rides after the pandemic is growing.