Earnings Results: Uber stock heads for best day in more than two years after first cash-flow positive quarter

by | Aug 2, 2022 | Stock Market

Uber Technologies Inc. stock rose sharply Tuesday as the ride-hailing and delivery giant’s revenue and forecast beat expectations, and as it reported positive free cash flow for the first time. Uber
stock climbed 15.1% in morning trading, to put it on track for the highest close since May 4, and the best one-day performance since it soared 17.8% on March 24, 2020.

The company’s biggest rivals, Lyft Inc.
and DoorDash Inc.
also saw a bump in their shares, with ride-hailing company Lyft’s stock trading more than 13% higher and delivery-platform company DoorDash up more than 4.5% in trading Tuesday morning. Uber reported growth across its business year over year, with overall gross bookings of $29.1 billion, beating analysts’ expectation of $28.93 billion. Mobility, or rides, gross bookings were $13.4 billion, compared with $8.64 billion in the year-ago period. Delivery gross bookings were $13.9 billion, up from $12.91 billion in the first quarter last year. Analysts expected $12.64 billion in rides gross bookings and $14.49 billion in delivery gross bookings. “When we look at the competitive environment, this is the strongest we’ve felt since [Chief Financial Officer Nelson Chai] and I have been here,” said Dara Khosrowshahi, Uber’s chief executive, on a conference call with analysts Tuesday morning.  Uber also reported free cash flow of $382 million, beating expectations of $106.7 million, though it posted a second-quarter l …

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