This quarter, people took 1.87 billion Uber journeys, or 21 million trips every day. The number of rides has increased by 24 percent year over year.
However, the positive cash flow, which shows that Uber is currently making more money from its business operations than it is losing, is the frosting on the cake for Dara Khosrowshahi, the company’s CEO, who declared earlier this year that Uber would have to go “hardcore about expenses.”
Knowing that traditional profitability might be elusive for the company, Khosrowshahi set the goal of achieving profitability on a free cash flow basis rather than adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), noting that this is what the company’s institutional investors expected.
