ICYMI: Uber posted a second-quarter loss and generated free cash flow of $382 million to beat Wall Street expectations. The company added more drivers and delivery agents to its fleet in the quarter, taking their total number to about 5 million $UBER
Uber generated free cash flow of $382 million in the second quarter, topping analysts' expectations of $263.2 million, as trips exceeded levels seen before the pandemic, boosted by office reopenings and a surge in travel demand.The company also added more drivers and delivery agents to its fleet in the quarter, taking their total number to an all-time high of about 5 million and allaying concerns that soaring gas prices were deterring them from signing up.
"We have a very strong flow of new drivers who are signing up, coming on to earn," Chief Executive Officer Dara Khosrowshahi said, adding that more than 70% of new drivers opted to join Uber to manage a hit from inflation and rising costs of living. At its delivery business, which includes Uber Eats, growth slowed from the prior quarter but the company expects ordering in to become a habit for consumers.A passenger walks near Uber signage after arriving at Los Angeles International Airport in Los Angeles, California, U.S. July 10, 2022. REUTERS/David Swanson/File PhotoRevenue from Uber's delivery segment rose 37% to $2.69 billion, while that of ride-share business surged 120% to $3.
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