Uber Posts 14% Rise in Revenue as Growth Slows
Uber’s revenue increased 14 percent in its most recent quarter, the company reported on Tuesday, but the growth was its slowest since the coronavirus pandemic began easing last year.
The San Francisco-based company posted revenue of $9.2 billion, up from $8.1 billion in the second quarter last year. The 14 percent growth was slower than the 105 percent increase a year earlier and down from 29 percent in the previous quarter. Wall Street analysts had estimated revenue of $9.3 billion.
Uber’s gross bookings — the amount paid by customers — totaled $33.6 billion, up 16 percent from year earlier.
Net profit was $394 million, compared with a $2.6 billion loss a year earlier and driven by gains from investments in other companies. Uber also reported its first operating profit, which excludes taxes and other costs, of $326 million.
“We are focused on driving significant demand in the years ahead — both by attracting new riders to Uber and by getting existing riders to use Uber more,” Dara Khosrowshahi, the chief executive, said in a statement.
The company also said Nelson Chai,…