Uber reports loss, but beats income expectations

Uber reported better-than-expected revenue on Tuesday, fueled by strong demand for its ride-hailing and food delivery services that have drawn a surge in drivers looking to offset inflation’s bite.

Revenue more than doubled to $8.1 billion in the three months through June, a 105 per cent increase, at a time when many tech companies are struggling to navigate global economic turbulence.

Still, the firm posted a net loss of $2.6 billion, but investors shrugged it off and shares closed up about almost 19 per cent on Wall Street.

Uber primarily attributed the loss to the falling value of its investments in financially strapped companies such as Singapore’s VTC Grab, US self-driving vehicle start-up Aurora and Indian food delivery service Zomato.