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Uber’s seeing positive cash flow for the first time ever - The Verge

Uber reported a $2.6 billion net loss in the second quarter but also positive cash flow for the first time ever. The earnings report indicates that Uber’s laser focus on costs were paying off.

Uber reported $382 million in free cash flow for the first time ever, an indication that the rideshare company’s “hardcore” effort to rein in costs is starting to pay off, even in the midst of a cooling economy.

Uber is still burning a lot of money but mostly in the realm of its investments in other startups. The company reported a record revenue of $8.1 billion in the second quarter of 2022, a 105 percent spike compared to the same quarter last year. And it said it lost $2.6 billion, which was mostly attributable to its equity stake in Aurora, Grab, and Zomato. Additionally, it lost $470 million in stock-based compensation.

But, all in all, Uber beat expectations, mostly thanks to growth in its ride-sharing and delivery businesses. Gross bookings, or total customer payments to Uber before payments to drivers and other fees or discounts, grew 33 percent year over year to $29.1 billion. Of that, mobility represented $13.4 billion while delivery snagged $13.9 billion.

People took more Uber trips this quarter, 1.87 billion to be exact, or 21 million trips a day. That represents a 24 percent increase in the number of rides year over year.

But the positive cash flow, which indicates that Uber is now generating more money from its business operations than it is losing, is the icing on the cake for Dara Khosrowshahi, the company’s CEO, who vowed earlier this year that Uber would need to get “hardcore about costs.”

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