<p>Uber Technologies Inc on Tuesday reported positive quarterly cash flow for the first time ever and forecast third-quarter operating profit above estimates, betting on steady demand for its ride-hailing and food-delivery services.</p>.<p>Uber shares, which have lost more than 40% this year, surged 15% to $28.41 in premarket trading and helped drive an 8% gain in rival Lyft Inc's shares.</p>.<p>Uber generated free cash flow of $382 million in the second quarter, topping analysts' expectations of $263.2 million, as trips exceeded pre-pandemic levels, boosted by the reopening of offices and a surge in travel demand.</p>.<p>The number of drivers and delivery agents on its platform rose 31% to an all-time high of almost 5 million, allaying concerns that soaring gas prices was deterring them from signing up with the company.</p>.<p>"That's right: more people are earning on Uber today than before the pandemic," Chief Executive Officer Dara Khosrowshahi said.</p>.<p>Growth at its delivery business was slowing but Uber expected ordering in to become the standard for consumers as it continues to add new partners.</p>.<p>The delivery segment's revenue rose 37% to $2.69 billion, while that of ride-share business surged 120% to $3.55 billion in the quarter ended June 30.</p>.<p>Analysts were expecting revenue of $2.58 billion for delivery and $2.93 billion for ride share.</p>.<p>Gross bookings, or the total value of bookings made on its platform, rose 33% to $29.1 billion.</p>.<p>Adjusted EBITDA was $364 million, surpassing estimates of $257.89 million.</p>.<p>It now expects adjusted EBITDA of between $440 million and $470 million for the third quarter, well above analysts' forecast of $383.95 million, according to IBES data from Refinitiv.</p>
<p>Uber Technologies Inc on Tuesday reported positive quarterly cash flow for the first time ever and forecast third-quarter operating profit above estimates, betting on steady demand for its ride-hailing and food-delivery services.</p>.<p>Uber shares, which have lost more than 40% this year, surged 15% to $28.41 in premarket trading and helped drive an 8% gain in rival Lyft Inc's shares.</p>.<p>Uber generated free cash flow of $382 million in the second quarter, topping analysts' expectations of $263.2 million, as trips exceeded pre-pandemic levels, boosted by the reopening of offices and a surge in travel demand.</p>.<p>The number of drivers and delivery agents on its platform rose 31% to an all-time high of almost 5 million, allaying concerns that soaring gas prices was deterring them from signing up with the company.</p>.<p>"That's right: more people are earning on Uber today than before the pandemic," Chief Executive Officer Dara Khosrowshahi said.</p>.<p>Growth at its delivery business was slowing but Uber expected ordering in to become the standard for consumers as it continues to add new partners.</p>.<p>The delivery segment's revenue rose 37% to $2.69 billion, while that of ride-share business surged 120% to $3.55 billion in the quarter ended June 30.</p>.<p>Analysts were expecting revenue of $2.58 billion for delivery and $2.93 billion for ride share.</p>.<p>Gross bookings, or the total value of bookings made on its platform, rose 33% to $29.1 billion.</p>.<p>Adjusted EBITDA was $364 million, surpassing estimates of $257.89 million.</p>.<p>It now expects adjusted EBITDA of between $440 million and $470 million for the third quarter, well above analysts' forecast of $383.95 million, according to IBES data from Refinitiv.</p>