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Uber posts record revenue but loses more money on investments

Uber on Tuesday reported record revenue in its final quarter and said more drivers and couriers were using its platform than ever before, suggesting the company is emerging from a downturn fueled by a pandemic in a much better position than two years ago. Yet Uber has lost nearly $2 billion of its investments in other ride-sharing services.

The company beat analysts’ expectations, shaking off concerns about high inflation to post revenue of $8 billion, a 105% spike from a year earlier, as the world just emerged from the pandemic closures. Growth in Uber’s ride-sharing business drove the increase, although its food delivery arm jumped 37% from a year earlier.

The record 122 million people using Uber each month represented 1.8 billion combined trips in the April-June quarter, up 24% from a year earlier.

Uber shares rose more than 10% in premarket trading on Tuesday.

Uber said it generated $382 million in free cash flow – its first positive free cash flow in a quarter, meaning it generated more money from its business operations than it lost . It’s a milestone sought by Dara Khosrowshahi, the chief executive, as he tries to guide Uber to consistent profit. As technology and business markets cooled, Khosrowshahi told his employees to cut costs and focus on profitability.

“I challenged the team to deliver on our profitability commitments even faster than expected, and the team delivered on their promises,” Khosrowshahi wrote in prepared remarks Tuesday.

Uber’s strong results, on the heels of more mixed reports from other tech companies like Amazon and Microsoft, weren’t without their flaws. The company still lost $2.6 billion, including $1.7 billion from its investments in other ride-sharing companies like Aurora, Grab and Zomato.

But the company pointed to other positive signs. Although Uber has faced high gas prices and been embroiled in a variety of legal disputes across the United States over the employment status of its drivers, it now has nearly five million drivers. worldwide, a record number and an increase of 31%. a year earlier.

On Friday, Uber said it would begin allowing drivers to see their destination and trip earnings before accepting a passenger, a change the company said was intended to give its drivers more flexibility and convenience. support. The new program, Upfront Pricing, has been piloted in about 20 U.S. markets this year and will roll out to most of the country, excluding California and select other markets, in the coming months, Alix said. Anfang, spokesperson for Uber.


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