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Uber logs profit beat, but its stock turns lower after earnings

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Company says to expect capital-return update next quarter

Uber Technologies Inc. shares were heading lower in choppy premarket trading Tuesday after the ride-hailing company posted a mixed earnings report.

Chief Financial Officer Nelson Chai said in prepared remarks that the company saw a $521 million hit to revenue stemming from “certain business-model changes” that required the company to reclassify some promotions as contra-revenue items, rather than as sales and marketing expenses, although the changes didn’t impact profits.

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