New York (CNN) � Uber has reported that its revenue ticked up 14% last quarter, marking a of growth than recent quarters when sales surged as riders returned to pre-pandemic habits.
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, just missing Wall Street’s estimates. The number of trips customers took were up 22% in the quarter.
The company reported its first-ever unadjusted operating profit of $326 million. It also posted record quarterly free cash flow of $1.1 billion.
“For most of our history, ‘profitable� wasn’t the first thing that came up when you ask someone about Uber,� CEO Dara Khosrowshahi said on a call with analysts Tuesday morning. “But we knew they were wrong about Uber, as did many of our investors who backed us over the years.�
Uber also said gross bookings (the amount paid by customers) surged 16% year over year to $33.6 billion. Trips during the quarter grew 22% to 2.3 billion, or approximately 25 million trips per day on average.
On the call, the chief executive touted “a new all-time high of $15.1 billion in total earnings for drivers and couriers on the platform� that was seen last quarter.
Uber also announced Tuesday that Chief Financial Officer Nelson Chai will leave the company next January, and a search for his replacement is underway.
“Nelson has been a huge part of Uber’s transformation over the past five years,� Khosrowshahi said on the analysts� call. “I know that I speak for the entire company that we’re grateful for everything he’s done to establish such a strong foundation for a path forward.�
Shares for Uber climbed by some 4% in pre-market trading Tuesday morning as the company offered rosy guidance. Uber stock has roughly doubled since the start of the year.
In a note Tuesday morning, William Blair analyst Ralph Schackart touted how the strong results this past quarter were “driven by continued execution, robust engagement, and record audience levels using the platform.�
“Uber continues to drive incremental profitability, demonstrating its ability to efficiently run the broader business and drive positive results,� Schackart added.
Uber has so far navigated its pandemic recovery . Lyft is set to report quarterly earnings next week on Tuesday.
The-CNN-Wire
� & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
