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Uber reported $382 million in free cash flow for the first time ever, an indication that the rideshare company’s “hardcore” effort to rein in costs is starting to pay off, even in the midst of a cooling economy.
Uber is still burning a lot of money but mostly in the realm of its investments in other startups. The company reported a record revenue of $8.1 billion in the second quarter of 2022, a 105 percent spike compared to the same quarter last year. And it said it lost $2.6 billion, which was mostly attributable to its equity stake in Aurora, Grab, and Zomato. Additionally, it lost $470 million in stock-based compensation.
But, all in all, Uber beat expectations, mostly thanks to growth in its…