Uber reported $382 million in free cash flow for the first time, indicating that the carpool company’s “hardcore” push to cut expenses is beginning to pay off, even as the economy cools.
Uber is still losing money, although it is primarily due to its investments in other firms. In the second quarter of 2022, the corporation announced a record revenue of $8.1 billion, a 105 percent increase over the same period the previous year. It also said that it lost $2.6 billion, the majority of which was due to its stock stakes in Aurora, Grab, and Zomato. It also suffered a $470 million loss in stock-based compensation.
Overall, Uber outperformed forecasts, owing mostly to growth in its ride-sharing and delivery operations. Gross bookings, or total consumer payments to Uber before driver compensation and other fees or discounts, increased by 33% year on year to $29.1 billion. Mobility received $13.4 billion, while delivery received $13.9 billion.
