Uber Technologies reported second-quarter results early Tuesday that came in ahead of analyst views. Uber stock soared on the news.
The provider of ride-sharing services reported revenue of $8.07 billion, vs. Wall Street estimates of $7.9 billion. It reported a loss of $1.33 a share, but no comparable analyst estimates were available. Uber reported a net loss of $2.6 billion in the quarter.
Also, the company said it generated free cash flow of $382 million in the quarter. It was the first time Uber reached that goal, which it had promised investors when stripping out one-time costs.
The company expects gross bookings in the third quarter in the range of $29 billion to $30 billion. The estimate among analysts calls for $30.1 billion.
Action In Uber Stock
Uber stock jumped 18.9% to close at 29.25 on the stock market today.
"Uber just delivered a relatively robust June quarter well ahead of top and bottom-line expectations and much better than 'horror show' Street fears as the company provided a strong September quarter guidance that will be viewed positively by the Street," Wedbush analyst Dan Ives wrote in a note to clients.
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