Uber marks earnings milestone with first operating profit as ridership rebounds in U.S., Canada

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Uber shed its cash\u002Dburning past in the latest quarter reporting its first operating profit, fuelled by demand for rides and delivery. Read on.

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Uber posted a second-quarter operating profit according to generally accepted accounting principles of US$326 million and free-cash-flow of US$1.14 billion. Total revenue jumped 14 per cent to US$9.2 billion during the period, narrowly missing the US$9.3 billion analysts were expecting. It was the slowest rate of growth since the first quarter of 2021.The shares, which had doubled this year, dropped 5.1 per cent to US$46.97 in New York on Aug. 1.

“The market doesn’t believe Uber can keep top-line growth at these levels,” said Bloomberg Intelligence analyst Mandeep Singh. The results have raised the bar for Uber going forward. Uber’s business has remained largely unscathed from elevated inflation rates as customers are still willing to pay a premium for the convenience of hailing a ride and getting food delivered to their door. Trips in the U.S. and Canada have recovered to pre-pandemic levels, while delivery demand hit an all-time high, despite increased costs for food.

After struggling with a driver shortage that caused fares and wait times to increase, Uber said the number of active drivers was up 33 per cent in the second quarter compared with last year. The number of trips taken increased 26 per cent from a year earlier to a record high.There was an error, please provide a valid email address.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

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