Uber reported the first quarterly profit in its history on a second quarter earnings call. Dara Khosrowshahi, CEO, said the company reached two important milestones in the quarter: the first ever GAAP (generally accepted accounting principles) operating profit of $326 million, and the first quarter of free cash flow over $1 billion. Free cash flow presents the cash that a company generates after accounting for cash outflows to support operations and maintain its capital assets.

Uber also reported second-quarter net income of $394 million, compared with a $2.6 billion loss a year prior. Revenue was up 14% to $9.2 billion, while gross bookings reached $33.6 billion, up 16% from the second quarter of 2022.

Mobility gross bookings were up 25% year over year to $16.7 billion and 12% versus the first quarter. Mobility revenue was up 38% to $4.9 billion year over year, accounting for about 53% of total revenue.

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The US and Canada reported second-quarter revenue of $5.1 billion, up 4% year over year, followed by Europe/Middle East/Africa with $2.4 billion, up 31% from 2022.

Khosrowshahi also confirmed that Uber CFO Nelson Chai would depart the company on Jan. 5, 2024, and that a search for his successor was being conducted.