Uber makes operating profit for the first time in its history
Uber reported an operating profit for the first time in its history in its second quarter results today.
Income from its operations hit $326m (£254.9m) in the three months up to July, swinging from a prior year loss of $713m (£557.5m). The New York-listed ride-hailing app also raised its forecast for the coming quarter.
Trips during the period grew 22 per cent year-on-year to 2.3 billion, with approximately 25 million Uber journeys made per day worldwide.
“Robust demand, new growth initiatives, and continued cost discipline resulted in an excellent quarter,” Dara Khosrowshahi, Uber’s chief executive, said.
“These results also translated into strong driver and courier engagement, with 6 million drivers and couriers earning a record $15.1 billion during the quarter,” he added.
Nelson Chai, Uber’s chief financal officer, said: “I’m incredibly proud of the progress we’ve made, and Uber is well positioned to drive tremendous value for shareholders in the coming years.”
It comes amid a challenging economic backdrop of inflation, which has dented other ride-hailers’ margins.
Uber rival Lyft has wildly underperformed this year. It has been slashing fares in an attempt to claw back market share on its rival, which has so far weakened its financial performance throughout the year.