Despite Q2 losses, Uber is on the upturn.

This morning, Uber reported its profits for the second quarter of 2022. Q2 was a rough period for the ridesharing company, as they sustained a net loss of $2.6 billion. However, despite these losses, the company is actually doing better than it was in quarters past.

For the first time since going public, Uber posted $382 million in free cash flow. Demand for rideshare services is on the rise again, and consumers have been shifting their interests from single-purchase retail to recurring service usage, placing Uber squarely in the ballpark. Uber is also bringing in more drivers, as well as Uber Eats couriers, and while the rise in gas prices has affected their bottom line, the sheer volume of requests they’ve gotten for both is keeping things balanced.

Uber’s revenue more than doubled last quarter, a sign that the company’s efforts to trim its losses while continuing to grow are working https://t.co/ZStRU2RuNZ

— The Wall Street Journal (@WSJ) August 2, 2022

“Driver engagement reached another post-pandemic high in Q2, and we saw an acceleration in both active and new driver growth in the quarter,” Uber CEO Dara Khosrowshahi said in a statement. “Against the backdrop of elevated gas prices globally, this is a resounding endorsement of the value drivers continue to see in Uber. Consequently in July, surge and wait times are near their lowest levels in a year in several markets, including the US, and our Mobility category position is at or near a multi-year high in the US, Canada, Brazil, and Australia.”