Uber faced a $2.6 billion net loss in the second quarter of 2022. Despite this setback, the company’s performance in Q2 showed improvement compared to previous quarters.
For the first time after its IPO, Uber generated $382 million in free cash flow. The demand for rideshare services has been increasing, with consumers shifting from one-time retail purchases to recurring service usage, benefiting Uber. The company has seen growth in both driver numbers and Uber Eats couriers. Although rising gas prices impacted their profits, the high volume of requests for their services helped offset the effect.
According to Uber CEO Dara Khosrowshahi, driver engagement reached a post-pandemic high in Q2, leading to growth in active and new drivers. This reflects the value drivers find in working with Uber, especially with global gas price hikes. Consequently, surge and wait times in July decreased significantly in markets like the US, and Uber’s position in the Mobility category reached multi-year highs in the US, Canada, Brazil, and Australia.
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