Uber announced results for the second quarter 2022 that came above analysts’ expectations.

Revenue grew 105% YoY to $8.1 billion, significantly outpacing gross Bookings growth due to a change in the business model for the UK Mobility business and the acquisition of Transplace by Uber Freight.

Gross Bookings grew 33% year-over-year (“YoY”) to $29.1 billion with mobility gross bookings of $13.4 billion (+55% YoY) and delivery gross bookings of $13.9 billion (+7% YoY).

Trips during the quarter grew 24% YoY to 1.87 billion, or approximately 21 million trips per day on average.

Despite these numbers, Uber Technologies posted a net loss of $2.6 billion, which includes a $1.7 billion net headwind (pre-tax) relating to Uber’s equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber’s Aurora, Grab, and Zomato stakes.

Source: Company press release

Adjusted EBITDA was $364 million, up $873 million YoY while adjusted EBITDA margin as a percentage of gross bookings was 1.3%, up from (2.3)% in Q2 2021.

Net cash provided by operating activities was $439 million, up $780 million YoY. Free cash flow, defined as net cash flows from operating activities less capital expenditures, was $382 million, up $780 million YoY.

„We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum,” said Nelson Chai, CFO.

“This marks a new phase for Uber, self-funding future growth with disciplined capital allocation, while maximizing long-term returns for shareholders.”

Outlook for Q3 2022

Uber anticipates gross bookings of $29.0 billion to $30.0 billion and adjusted EBITDA of $440 million to $470 million.