Uber CEO Bullish on Autonomous Driving, but Weak Q1 Profit Outlook Drags Stock Down

Despite Uber CEO's enthusiastic remarks about autonomous driving presenting a multi-trillion-dollar market opportunity for the company, investors remained unimpressed. Uber's stock declined in early trading after the company issued weaker-than-expected earnings guidance for the first quarter of 2024. The company forecast adjusted earnings per share (EPS) of $0.65 to $0.72, below the consensus analyst expectation of $0.77, and projected adjusted EBITDA of $2.37 billion to $2.47 billion, also falling short of the market's median estimate. Concerns over Uber's near-term profitability overshadowed its optimistic long-term vision for technological advancement.