The Clap Uber reported a Q2-2022 loss, though its revenues exceeded analysts’ expectations.
The Deets According to CNBC, Uber recorded a loss of $2.6 billion in the quarter. $1.7 billion of that loss was due to investments and revaluations of stakes in Aurora, Grab, and Zomato.
Uber beat revenue expectations, recording $8.07 billion in revenue, more than the expected $7.39 billion.
Uber’s mobility and delivery segments brought in revenues of $3.55 billion and $2.69 billion respectively, both increasing from the year before.
The company also recorded positive free cash flow for the first time ever.
Why this matters? Shares of Uber surged by 18.9% following the reported earnings. An increase in on-demand transportation and new changes allowing drivers to pick their trips pushed Uber towards more revenue.