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Ride share platform Uber posts first operating profit
Uber has celebrated a rare milestone – its first ever operating profit.
Quarterly revenue for the ride share platform was up 14% to $9.2 billion.
Still, it didn’t stop the Uber share price from falling.
Analysts believe the current trajectory isn’t sustainable.
Gross revenues comprised $16.7 billion in ride share and $15.6 billion in delivery.
Net income for the quarter was 394 million, although this includes $386 million benefit due to equity investment revaluation.
For the third quarter, Uber forecasts gross bookings of $34 billion.
“Continued cost discipline resulted in an excellent quarter, with trips up and a GAAP operating profit for the first time;” said CEO Dara Khosrowshahi.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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