Uber reports .6 billion loss in Q2, gross bookings at all-time high
Uber Technologies on Tuesday said that gross bookings reached an all-time high of .1 billion in the second quarter (Q2) this year, up 33 per cent (year-over-year), with reporting net loss of .6 billion.
The net loss included a .7 billion net headwind (pre-tax) relating to Uber's equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber's Aurora, Grab, and Zomato stakes. Additionally, net loss includes 0 million in stock-based compensation expense, said the company.
"Last quarter I challenged our team to meet our profitability commitments even faster than planned and they delivered," said Dara Khosrowshahi, CEO.
"Importantly, they delivered balanced growth: gross bookings up 36 per cent to a 6 billion run-rate, adjusted EBITDA significantly above our guidance, and 2 million in free cash flow, all on a platform that's larger than ever, with the number of consumers and earners using Uber now both at all-time highs," Khosrowshahi explained.
"We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum," said Nelson Chai, CFO.
"This marks a new phase for Uber, self-funding future growth with disciplined capital allocation, while maximizing long-term returns for shareholders," he added.
For Q3 2022, Uber anticipates gross bookings of billion to billion. Khosrowshahi said that Uber continues to benefit from an increase in on-demand transportation and a shift in spending from retail to services.
Uber shares were up 14 per cent after markets opened on Tuesday. The company reported operating cash flow of 9 million and free cash flow of 2 million.
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