Uber: Sales doubled - strong second quarter despite high inflation

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Uber vehicle in London: The US company's shares rose by around 15 percent before the market

Photo: Laura Dale / dpa

Taxi rival Uber grew strongly in the second quarter despite fears of inflation and recession.

Sales rose 105 percent year-on-year to $8.1 billion, the company said on Tuesday.

The US ride-hailing service turned cash flow positive for the first time in the second quarter, thanks to reopening of offices and an increase in travel demand.

At $382 million, this exceeded market expectations of $263 million, the company announced on Tuesday.

Adjusted earnings before interest and taxes came in at $364 million, ahead of analyst estimates of $258 million.

Despite the slowing growth in the delivery business, the US company expects that ordering from Uber will become the standard for customers as new partners are constantly being added.

The stock rose about 15 percent premarket.

For the third quarter, the company is now expecting adjusted earnings of between $440 million and $470 million.

ani/AFP/dpa