Wall Street’s lull stretched into a second day, as U.S. stocks drifted to a mixed close in a quiet Wednesday.
Uber Technologies slumped 5.7% after reporting worse results for the latest quarter than analysts expected. It also gave a forecasted range for bookings in the current quarter whose midpoint fell below analysts’ estimates. and revenue for the latest quarter than analysts expected. The company, which helps businesses sell things online, said its revenue growth would likely slow this quarter and that it would likely make less profit off each $1 in revenue.
They helped to offset Lyft, which revved 7.1% higher after it topped expectations for profit and revenue. It said growth was particularly strong for early-morning, commute and weekend-evening trips. Most companies have been reporting stronger profits for the start of the year than analysts expected. That and newly revived hopes for coming cuts to interest rates by the Federal Reserve have helped the U.S. stock market to recover from its rough April.
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