Uber Just Reported Its First-Ever Operating Profit In Q2 Earnings Report, But Lyft Warning Sends Shares Sliding

Key takeaways

• Uber recorded a first-ever operating profit in its history, with earnings per share beating expectations in Q2
• Revenue, however, fell short of expectations and the company warned Lyftwas a worthy competitor with its price cuts
• Uber shares sank as much as 6% despite the positive operating profit news

Uber execs are breathing a sigh of relief as the company marked a significant milestone in this year’s second-quart earnings, reporting an operating profit for the first time ever as growth initiatives and cost-cutting measures paid off.

That didn’t stop the share price from sliding, primarily due to a warning on Lyft’s competitive pricing strategy, potentially rattling investors’ confidence. Still, things look positive for the lift-sharing app’s future. We’ve got the lowdown below on where Uber was up on the earnings beat and how deeply the shares sank.