Uber Q2 Reports

yet another significant loss

but achieves revenue growth, shares pop 17%

Although mostly as a result of its investments in other firms, Uber is still losing a lot of money.

Gross bookings of $29.1 billion, which were in line with its expectation of $28.5 billion to $29.5 billion, were up 33 percent year over year.

Gross bookings of $29.1 billion, which were in line with its expectation of $28.5 billion to $29.5 billion, were up 33 percent year over year.

Uber reported a net loss of $2.6 billion, the majority of which ($1.7 billion) was due to its investments in other overseas ride-hailing companies like as Didi and Grab.

Uber CEO Dara Khosrowshahi stated that the company is continuing to profit from an increase in on-demand transportation as well as a shift in spending from retail to services.

Uber announced a second-quarter loss on Tuesday, but it topped analyst sales projections and generated $382 million in free cash flow for the first time.

At around 12:30 p.m. ET, Uber stock had increased by 17%. $1.33 in loss per share, which was below expectations. According to a Refinitiv survey of analysts, revenue was $8.07 billion as opposed to the $7.39 billion predicted.

For the second quarter, the firm reported a $2.6 billion net loss, of which $1.7 billion was ascribed to investments and a revaluation of holdings in Aurora, Grab, and Zomato.

In contrast to the $240 million to $270 million range it offered in the first quarter, the business generated adjusted EBITDA of $364 million.

Mobility (gross bookings): $13.4 billion, a 57 percent increase in constant currency from the prior year. Delivery (gross bookings): $13.9 billion, a 13% increase in constant currency over the prior year.

The second quarter saw a continuation of the pattern. Compared to delivery's $2.69 billion in sales, the company's mobility sector brought in $3.55 billion. For the quarter, Uber's freight division generated $1.83 billion in revenue.

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The U.S. economy shrank in the last three months by 0.9%.

U.S. economy shrinks for 2nd straight quarter, raising fears of a recession