Uber’s stock surges on positive trends despite big Q2 loss

KIFI

Published August 2, 2022 5:39 AM

By MICHAEL LIEDTKE and MICHELLE CHAPMAN
AP Business Writers

Uber’s effort meld its pioneering ride-hailing service with food and freight delivery showed signs of progress during the past quarter, even though the company sustained a huge loss stemming from a sharp decline in its outside investments. Rather than dwell on Uber’s second-quarter loss of $2.6 billion announced Tuesday, investors celebrated the San Francisco-based company reaching a significant milestone. The good news came under a key metric known as free cash flow. Uber generated $382 million in cash during the April-June period, marking the first quarter the company’s 13-year history that it hasn’t hemorrhaged money. The breakthrough helped lift Uber’s slumping stock by nearly 17%.

Article Topic Follows: AP National Business

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