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Uber’s post-pandemic expansion is decelerating.

Revenue for Uber increased by 14% in the most recent quarter, down from the previous quarter’s surge as riders resumed their pre-pandemic habits, but still above the company’s annual growth rate of 12%.

For the quarter ending in June, the company posted revenue of $9.2 billion on Tuesday, up 14% year over year but falling short of Wall Street projections. Customers increased their travel by 22% throughout the quarter.

A record $326 million in operating profit was announced for the first time by the corporation. Its free cash flow of $1.1 billion in the third quarter was also a record.

Uber CEO Dara Khosrowshahi admitted in a call with analysts on Tuesday that the word “profitable” wasn’t typically associated with the company for the majority of its existence. But we and many of the investors who have supported Uber over the years recognized they were wrong.

Gross bookings (the total amount paid by consumers) for Uber increased 16% year-over-year to $33.6 billion, the company also reported. Quarterly journeys increased by 22% to 2.3 billion, or over 25 million daily on average.

On the call, the CEO talked about how last quarter “drivers and couriers on the platform made a new all-time high of $15.1 billion in total earnings.”

The departure of CFO Nelson Chai was also revealed by Uber on Tuesday; a hunt for his replacement has begun.

On the call with investors, Khosrowshahi credited Nelson with playing a significant role in Uber’s evolution over the previous five years. I think I can speak for everyone at the organization when I say how appreciative we are of the solid groundwork he laid for our continued success.

Pre-market trading on Tuesday saw a 4 percent increase in Uber shares after the business issued optimistic forecasts. The value of Uber shares has approximately doubled since the beginning of the year.

Ralph Schackart, an analyst at William Blair, wrote in a note on Tuesday morning that the good results from the last quarter were “driven by continued execution, strong engagement, and record levels of people using the platform.”

Schackart remarked that Uber’s “continued drive incremental profitability” showed the company could effectively manage the business as a whole and get desired outcomes.

Uber’s recovery from the epidemic has gone more smoothly so far than that of its main competitor, Lyft. Next Tuesday, Lyft will reveal its quarterly earnings.

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