Better than expected revenue for Uber, despite a difficult 2nd quarter

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Better than expected revenue for Uber, despite a difficult 2nd quarter

Uber's headquarters in San Francisco, Calif.

Uber reported a net loss of $2. $6 billion in the second quarter, but its revenue, which came in at $8.1 billion, soared and far exceeded market forecasts.

On Wall Street, the chauffeur-driven car rental and meal delivery giant's stock soared more than 12%, to $27.58, in electronic trading prior to the opening of the Stock Exchange.

We continue to benefit from increased demand for transporting people and things as well as the transition from an in-store spending model to a services spending model, the CEO said. #x27;Uber, Dara Khosrowshahi, in a press release.

We intend to continue to benefit from these favorable factors for our growth, he added.

The group's quarterly revenue, which more than doubled compared to last year, was partly boosted by a change in the calculation of racing receipts in the Kingdom United, the company said.

Revenue from ride-hailing grew 120% to $3.6 billion, and food delivery revenue (Uber Eats) soared 37% to $2.7 billion .

Uber also earned $1.8 billion in revenue from freight transportation.

The company has elsewhere posted positive free cash flow of $382 million for the first time. #x27;a company to make new investments.

The Californian group, however, continued to lose money between April and June.

Uber attributes this loss mainly to its stake in several financially shaky companies, including the Singaporean ride-hailing platform Grab, the American autonomous vehicle company Aurora and the ;Indian restaurant aggregator Zomato.

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