Uber's Profitable Quarter Fails to Prevent Stock Plunge

Despite posting its first-ever profitable quarter with $326 million in operating income and a record quarterly free cash flow of $1.1 billion, Uber's stock experienced a significant loss as concerns about slowing sales outweighed investor optimism. The company's $9.2 billion in revenue fell short of consensus estimates, and its 14% year-over-year revenue growth was the weakest since Q1 2021. Despite the positive results, Uber's stock is still down roughly 20% from its early 2021 peak.