Uber Technologies Inc. reported positive quarterly cash flow for the first time ever on Tuesday and forecast third-quarter operating profit above estimates, as more people rely on its services for transport and ordering in food.
The company’s stock surged 15 percent to $28.2 and helped push shares of Lyft Inc by 11 percent and DoorDash by 4 percent.
Uber generated free cash flow of $382 million in the second quarter, topping analysts’ expectations of $263.2 million, as trips exceeded levels seen before the pandemic, boosted by office reopenings and a surge in travel demand.
The company also added more drivers and delivery agents to its fleet in the quarter, taking their total number to an all-time high of about 5 million and allaying concerns that soaring gas prices were deterring them from signing up….