Uber Technologies said on Tuesday that gross bookings hit an all-time high of $29.1 billion in the second quarter (Q2) of this year, up 33 percent (y-o-y), reporting a net loss of $2.6 billion Is.
The net loss included a net headwind (pre-tax) of $1.7 billion related to Uber’s equity investments, primarily due to total unrealized losses related to the revaluation of Uber’s Aurora, Grab and Zomato stakes. Additionally, the net loss includes $470 million in stock-based compensation expenses, the company said.
Dara Khosrowshahi, CEO, said, “Last quarter I challenged my team to meet their profitability commitments as quickly as planned and they did.”
“Importantly, they delivered balanced growth: Gross bookings grew 36 percent with a run-rate of $116 billion, adjusted EBITDA well above our guidance, and $382 million in free cash flow, all on a platform that’s more than ever before.” is large, with the number of consumers and earners both using Uber now at an all-time high,” Khosrowshahi explained.
“We became a free cash flow generator in the second quarter as we continued to expand our asset-light platform and we will continue to build on that momentum,” said CFO Nelson Chai.
“This marks a new phase for Uber, self-financing the future with disciplined capital allocation, while maximizing long-term returns for shareholders,” he said.
For Q3 2022, Uber forecasts gross bookings of $29 billion to $30 billion. Khosrowshahi said Uber is benefiting from an increase in on-demand transportation and a shift in spending from retail to services.
Uber shares rose 14 percent after the market opened on Tuesday. The company reported operating cash flow of $439 million and free cash flow of $382 million.
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