Uber Technologies has posted positive quarterly cash flow for the first time ever and forecast third-quarter operating profit above estimates, betting on steady demand for its lift and food delivery services.
Uber generated free cash flow of $382m in the second quarter, topping analysts' expectations of $263.2m as trips exceeded pre-pandemic levels, boosted by the reopening of offices and a surge in travel demand.
The number of drivers and delivery agents on its platform rose 31% to an all-time high of almost 5 million, allaying concerns that soaring fuel prices was deterring them from signing up with the company.
"That's right: more people are earning on Uber today than before the pandemic," chief executive Dara Khosrowshahi said.
Growth at its delivery business was slowing but Uber expected ordering in to become the standard for consumers as it continues to add new partners.
The delivery segment's revenue rose 37% to $2.69 billion, while that of lift-share business surged 120% to $3.55 billion in the quarter ended June 30.
Analysts were expecting revenue of $2.58 billion for delivery and $2.93 billion for lift share.
Gross bookings, or the total value of bookings made on its platform, rose 33% to $29.1 billion.
Adjusted EBITDA was $364m, surpassing estimates of $257.89m.
Uber said it now sees adjusted EBITDA between $440m and $470m for the third quarter, much higher than analysts' forecast of $383.95m, according to IBES data from Refinitiv.
