Uber Technologies, Inc. (NYSE: UBER) on Tuesday reported a net loss for the second quarter of 2022 when the ride-hailing company’s revenues more than doubled amid strong booking growth.
Net loss for the June quarter was $2.60 billion or $1.33 per share, compared to profit of $1.14 billion or $0.58 per share in the corresponding period of last year. The bottom line was impacted by losses related to the company’s equity investments, mainly due to losses related to the revaluation of its Aurora, Grab, and Zomato stakes.
Meanwhile, net revenues rose sharply to $8.07 billion in the most recent quarter from $3.93 billion in the second quarter of 2021, with all three operating segments registering strong growth. At $29.1 billion, gross bookings were up 33% year-over-year.
Check this space to read management/analysts’ comments on Uber’s Q2 2022 earnings
“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. This marks a new phase for Uber, self-funding future growth with disciplined capital allocation while maximizing long-term returns for shareholders,” said Dara Khosrowshahi, chief executive officer of Uber.