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.

Investors responded by sending the stock down as much as 3.5% on Wednesday. It has been up 47% so far this year, outpacing

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