Uber has posted its first-ever operating profit as it made a record number of trips in the second quarter of this year.
The long-awaited landmark in the ride-hailing company’s finances came after it had racked up a total of £25billion in operating losses since 2014, the first year for which it disclosed details of its finances.
Uber has reported after-tax profits in several quarters before, though only thanks to gains on disposals or revaluations of its equity investments.
In the black: Uber has posted its first ever operating profit after racking up a total of £25bn in operating losses since 2014
By contrast, for the second quarter of this year it reported £255million in pre-tax earnings from its operations, a turnaround from the operating loss of £558million suffered a year before.
Boss Dara Khosrowshahi said: ‘The milestone was achieved through a combination of disciplined execution, record audience, and strong engagement.’
Uber shares dropped nearly 6 per cent.
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