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Tech Down After Strong Uber Earnings -- Tech Roundup

08/02/2022 | 05:36pm EDT

Shares of technology companies fell, but not by as much as the broad market, after strong earnings from one "sharing economy" bellwether.

Shares of ride-hailing giant Uber Technologies surged after it posted a doubling in second-quarter revenue, and said high inflation was causing more people to drive for the platform to help offset rising household costs.

Home-sharing Web site Airbnb fell sharply after hours despite the company's report of a stark increase in quarterly booking revenue. Electric-vehicle startup Rivian Automotive warned that planned revisions to the EV tax credit would put it at a disadvantage to more-established competitors.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

08-02-22 1735ET

Stocks mentioned in the article
ChangeLast1st jan.
AIRBNB, INC. -2.72% 108.54 Delayed Quote.-32.98%
RIVIAN AUTOMOTIVE, INC. -7.64% 33.95 Delayed Quote.-64.55%
UBER TECHNOLOGIES, INC. -5.58% 28.07 Delayed Quote.-29.10%
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