As more people use the ride-hailing service, Uber reported that its revenue for the three months that ended in June reached $8.1 billion, more than doubling from the same period last year.
The number of users of its platform, both consumers and drivers, is “at all-time highs,” the business stated in its quarterly financial report. The number of monthly users on Uber’s platform increased by 21% over the previous year to 122 million.
Uber’s announcement that it had achieved positive cash flow—meaning it received more from operations than it spent, excluding capital expenditures, maybe more startling for a business with a history of significant losses. According to the business, free cash flow was $382 million for the quarter.
But thanks in large part to its investments, Uber continues to remain unprofitable. An estimated $1.7 billion of Uber’s $2.6 billion net loss was attributable to its investments in other, global ride-hailing companies like Didi and Grab. (Didi has been particularly hard hurt by China’s intense regulatory push.)
