Uber’s Revenue Doubles, but Stock Falls After Lyft Warns of Higher Driver Costs

Uber Technologies Inc.’s revenue more than doubled last quarter, as demand for rides rebounded from the downturn caused by the Covid-19 surge late last year and the company’s food delivery grew despite restaurant reopenings.

Uber issued a bullish outlook for the current quarter, but its shares fell 11% in morning trading, triggered in part by rival Lyft Inc.’s results a day earlier.