Uber reports positive cash flow for the first time

Source: Financial Times [UK]

“Uber has recorded its first-ever cash flow positive quarter, after burning through $25bn since being founded 13 years ago in its rush towards rapid global expansion. The lossmaking Silicon Valley group, which has relied on heavily subsidised rides to shake up the taxi industry worldwide, said it generated free cash flow of $382mn in the three months to the end of June. That is significantly higher than the $109mn analysts had been predicting, according to data from S&P Capital IQ. Free cash flow is defined as cash flow from operations minus capital expenditures. … The company still posted a quarterly net loss of $2.6bn, $1.7bn of which was attributable to poorly performing investments, including its shares in self-driving vehicle company Aurora, Singapore-based app Grab and Indian delivery app Zomato.” (08/02/22)