Ekonomi Islam & GlobalEnglishPilihan Editor

Uber Reports Surprise Profit In Q2

Uber reported a surprise profit today, pointing to strong growth in its core mobility and delivery businesses despite missing revenue estimates.

Profits for the second quarter were US$394 million (RM1.7 billion), compared with a loss of US$2.6 billion in the year-ago period.

“It’s a great day,” Chief Executive Dara Khosrowshahi said on CNBC.

Revenues rose 14 per cent to US$9.2 billion but stood below the US$9.3 billion expected by analysts.

The company scored sharp increases in revenues tied to customer rides and delivery, more than offsetting declines in its much smaller freight business.

“People are buying more services,” Khosrowshahi said of the fall in freight. “But our mobility and delivery businesses are growing at huge rates and larger than ever.”

Khosrowshahi also cited “cost discipline” as a driver, with general and administrative expenses down sharply from the year-ago period.

Shares of Uber fell 3.6 per cent to US$47.67 in opening trading. — AFP

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