Uber’s Ride Results Disappoint Even as Bookings Top Estimates

Uber Technologies Inc.’s rideshare division missed Wall Street estimates, disappointing investors who were looking for signs of more robust demand in its signature business.

Total gross bookings — a closely watched metric that includes ride hails, delivery orders and driver and merchant earnings but not tips — came in at $46.8 billion for the three months ended June 30, topping analysts’ estimates. But that was mostly thanks to a strong showing from the company’s food-delivery unit. Bookings for Uber’s rideshare division — the business it remains best known for — fell short of Wall Street’s projections, with $23.8 billion versus an average estimate of $23.9 billion.