Uber rides, delivery and revenue beat expectations
Uber Technologies Inc. stock rose sharply Tuesday as the ride-hailing and delivery giant’s revenue and forecast beat expectations, and as it reported positive free cash flow for the first time.
Uber UBER shares climbed 15.1% in morning trading, to put it on track for the highest close since May 4, and the best one-day performance since it soared 17.8% on March 24, 2020. Uber also reported free cash flow of $382 million, beating expectations of $106.7 million, though it posted a second-quarter loss of $2.6 billion, or $1.33 a share. That compared with net income of $1.14 billion, or 58 cents a share, in the year-ago period. Uber said the loss included $1.7 billion in losses related to the revaluation of its Aurora, Grab and Zomato stakes.Analysts surveyed by FactSet had forecast a loss of 27 cents a share on revenue of $7.36 billion.
Khosrowshahi said on the conference call that driver supply continues to improve, with inflation affecting drivers’ decision to come onto the platform. Khosrowshahi said markets on the West Coast, such as San Francisco, L.A. and Seattle, continue to lag in the recovery from pandemic-related effects.
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