Uber (NYSE:UBER) reported a second-quarter loss on Tuesday but beat analyst estimates for revenue and posted $382 million in free cash flow for the first time ever.
The company reported a net loss of $2.6 billion for the second quarter, $1.7 billion of which was attributed to investments and a revaluation of stakes in Aurora, Grab and Zomato.
But CEO Dara Khosrowshahi said in a prepared statement that Uber continues to benefit from an increase in on-demand transportation and a shift in spending from retail to services.
The company reported adjusted EBITDA of $364 million, ahead of the $240 million to $270 million range it provided in the first quarter.
Gross bookings of $29.1 billion were up 33% year over year and in line with its forecast of $28.5 billion to $29.5 billion.
Uber relied heavily on growth in its Eats delivery business during the pandemic, but its mobility segment surpassed Eats revenue in the first quarter as riders began to take more trips.
That trend continued during the second quarter. Its mobility segment reported $3.55 billion in revenue, compared with delivery’s $2.69 billion. Uber’s freight segment delivered $1.83 billion in revenue for the quarter. Revenue doesn’t include the additional taxes, tolls and fees from gross bookings.
Despite the increase in fuel prices during the quarter, Uber said it has more drivers and couriers earning money than before the pandemic, and it saw an acceleration in active and new driver growth.
Shares in the ride share service climbed $3.11, or 12.6%, to $27.71.
