Ride-hailing app Uber has reported an uptick in its revenue by 14% in the outgoing quarter but it was slower growth than what it had reported in the recent quarters when sales went up as riders returned to pre-pandemic habits, reported CNN.
The American media outlet said that the company on Tuesday reported revenue of $9.2 billion for the quarter ending in June, a 14% increase from the same period last year. However, the revenue was short of what Wall Street was hoping for.
The media outlet stated that number of trips riders took went up 22% in the quarter.
Uber also reported that it had registered $326 million In its first-ever unadjusted operating profit. It also recorded its highest quarterly free cash flow of $1.1 billion.
The ride-hailing app also shared that gross bookings, which is the amount riders paid, went up 16% year on year to $33.6 billion. Trips during the quarter grew 22% to 2.3 billion, or approximately 25 million trips per day on average.
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“Robust demand, new growth initiatives, and continued cost discipline resulted in an excellent quarter,” Uber CEO Dara Khosrowshahi was quoted in the statement that revealed the results.
“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,” Khosrowshahi added.
Taking cue from the results Uber shares went up by some 4% in pre-market trading Tuesday morning as the company offered rosy guidance for the current quarter, reported CNN.
According to the media outlet, Uber stock has doubled since the start of 2023.
CNN said that Uber’s pandemic recovery has been better than compared to its chief rival, Lyft. It added that Lyft will unveil its quarterly earnings next week
