After 13 years, Uber Technologies is generating positive free cash flow. Investors still expect too much from the $56 billion ride-hailing firm, though.
The pandemic’s end is bringing back riders. Gross bookings were up 33% in the second quarter from the same period of last year. Moreover, Chief Executive Dara Khosrowshahi’s new focuson controlling costs is paying off. Uber’s cash from operations, after deducting capital expenditure, was $382 million in the three months to June.
Uber still faces an uphill ride, though. The post-pandemic surge in the number of riders may abate, cost controls may lead to slower revenue growth, and rising interest rates may trigger a recession. Moreover, stock-based compensation was $470 million in the quarter, so much of the benefit may accrue to employees.Even assuming no potholes, Uber shares still look expensive. After a 15% bounce on Tuesday morning, the company’s value including net debt is $62 billion.
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