Uber reports surprise profit in Q2

The National Times - Uber reports surprise profit in Q2

ECONOMY 01.08.2023

Uber reports surprise profit in Q2 / Photo: © GETTY IMAGES NORTH AMERICA/AFP/File

Uber reported a surprise profit on Tuesday, pointing to strong growth in its core mobility and delivery businesses despite missing revenue estimates.

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Profits for the second quarter were $394 million, compared with a loss of $2.6 billion in the year-ago period.

The results included the company's first-ever quarterly operating profit. Its results were also boosted by a gain in Uber's equity investments.

"It's a great day," Chief Executive Dara Khosrowshahi said on CNBC.

"Everything came together this quarter," he said. "The team executed really well and we plan to be profitable for every quarter going forward."

Revenues rose 14 percent to $9.2 billion but stood below the $9.3 billion expected by analysts.

The company scored sharp increases in revenues tied to customer rides and delivery, more than offsetting declines in its much smaller freight business.

"People are buying more services," Khosrowshahi said of the fall in freight. "But our mobility and delivery businesses are growing at huge rates and larger than ever."

Khosrowshahi also cited "cost discipline" as a driver, with general and administrative expenses down sharply from the year-ago period.

Shares of Uber fell 3.6 percent to $47.67 in opening trading.

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