Uber Technologies on Tuesday said that gross bookings reached an all-time high of $29.1 billion in the second quarter (Q2) this year, up 33 percent (year-over-year), with reporting a net loss of $2.6 billion.

The net loss included a $1.7 billion net headwind (pre-tax) relating to Uber’s equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber’s Aurora, Grab, and Zomato stakes.

Additionally, net loss includes $470 million in stock-based compensation expense, said the company.

“Last quarter I challenged our team to meet our profitability commitments even faster than planned — and they delivered,” said Dara Khosrowshahi, CEO.

“Importantly, they delivered balanced growth: gross bookings up 36 percent to a $116 billion run-rate, adjusted EBITDA significantly above our guidance, and $382 million in free cash flow, all on a platform that’s larger than ever, with the number of consumers and earners using Uber now both at all-time highs,” Khosrowshahi explained.

“We became a free cash flow generator in Q2, as we continued to scale our asset-light platform, and we will continue to build on that momentum,” said Nelson Chai, CFO.

“This marks a new phase for Uber, self-funding future growth with disciplined capital allocation while maximizing long-term returns for shareholders,” he added.

For Q3 2022, Uber anticipates gross bookings of $29 billion to $30 billion.

Khosrowshahi said that Uber continues to benefit from an increase in on-demand transportation and a shift in spending from retail to services.

Uber shares were up 14 percent after markets opened on Tuesday.

The company reported an operating cash flow of $439 million and free cash flow of $382 million.

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