Ride-hailing leader Uber Technologies is cash flow positive for the first time ever, resulting the stock to soar.
Revenue for the second quarter (Q2) grew by 105% year over year to $8.1 billion, topping Wall Street analyst estimates of $7.4 billion.
“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 Uber CFO Nelson Chai in a press release.
Cash flow is distinct from profit. Cash flow means the company took in more cash than it paid for the quarter. Typically newer companies investing in the business pour more cash into investments and operations.
Uber is a service allowing users to book a car and driver to transport them in a way similar to a taxi, with hailing and payment all taking place on an app. Founded in 2009, it is based in San Francisco with operations in approximately 72 countries and 10,500 cities.
Uber stock was up 13% before the market opened and is now up 5% for the day. Competitor Lyft reports earnings on Thursday.