Hyperdrive
Uber Falls on Fears of Slower Growth After Profit Milestone
- Uber recorded first-ever GAAP operating profit of $326 million
- Chief Financial Officer Nelson Chai to step down Jan. 5
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Uber Technologies Inc. reported its first-ever operating profit, but that milestone was eclipsed by a pace of growth that has decelerated from pandemic highs, sending the shares down the most in nine months.
Uber posted a second-quarter operating profit according to generally accepted accounting principles of $326 million. Total revenue jumped 14% to $9.2 billion during the period, the slowest growth rate since the first quarter of 2021. Riders flocked to Uber in record numbers and demand for food delivery was strong, but overall revenue was weighed down by losses in the freight unit.