Uber Turns Cash Flow Positive For The First Time
NDTV
Uber generated free cash flow of $382 million in the second quarter, topping analysts' expectations of $263.2 million as trips exceeded pre-pandemic levels, boosted by the reopening of offices and a surge in travel demand.
Uber Technologies Inc on Tuesday reported positive quarterly cash flow for the first time ever and forecast third-quarter operating profit above estimates, betting on steady demand for its ride-hailing and food-delivery services.
Uber generated free cash flow of $382 million in the second quarter, topping analysts' expectations of $263.2 million as trips exceeded pre-pandemic levels, boosted by the reopening of offices and a surge in travel demand.
The number of drivers and delivery agents on its platform rose 31% to an all-time high of almost 5 million, allaying concerns that soaring gas prices was deterring them from signing up with the company.
"That's right: more people are earning on Uber today than before the pandemic," Chief Executive Officer Dara Khosrowshahi said.
