Finimize - 👩‍🚀 Uber makes history

Hi Reader, here's what you need to know for August 3rd in 3:00 minutes.

👀 Crypto enthusiasts might wax lyrical about the future of NFTs, but you’ll need specifics if you’re going to buy in. So join Cointelegraph’s Alyssa Exposito for What’s Next For NFTs? on Thursday, and find out if you should line your desktop with those talked-about tokens. Grab your free ticket

Today's big stories

Uber posted a string of memorable results last quarter
We’re halfway through earnings season, which means you can start to tell where stocks will go next – Read Now
Pinterest won’t want to make a mood board of its latest quarterly results

Shut Up And Drive

What’s Going On Here?

Uber posted record-breaking bookings at its quarterly update on Tuesday.

What Does This Mean?

The number of Uber’s monthly users hit a new peak last quarter, with the company reporting 24% more journeys than the same time last year. And with plenty of highly profitable airport trips among them, the value of bookings made on the platform – across its ride hailing, delivery, and freight offerings – also hit an all-time high, helping revenue more than double to $8 billion from the same time last year. Cue one last milestone: Uber – which has burned through around $25 billion since it was founded 13 years ago – finally posted its first ever positive cash flow last quarter (tweet this). Investors have been dreaming of the day, and they sent its stock up 14%.

Why Should I Care?

Zooming in: Uber gives the drivers what they want.
Uber also said that more drivers and couriers were earning money on the platform than before the pandemic, which might be why wait times across a range of markets were at their lowest in a year in July. That suggests its recent efforts to improve the driver experience on the app has been paying off, and it’s not finished yet: the company announced new features last week that’ll allow drivers to choose the trips they want and see how much they’ll earn before accepting.

Zooming out: Prime the pump.
One thing Uber can’t do to make the experience any better is bring down fuel prices, which could see drivers reduce the number of hours they’re on the road. But one company’s risk is another company’s reward, and oil giant BP just posted its highest quarterly profit in 14 years on Tuesday – more than triple what it made the same time last year. That caps off a bumper set of profits from Big Oil, and could spark another call for tax increases on the industry.

You might also like: How to analyze Uber’s stock in two hours flat.

Copy to share story: https://www.finimize.com/wp/news/shut-up-and-drive/

🙋 Ask a question

Analyst Take

Where Will Stocks Go After An Earnings Season Like This?

Stéphane Renevier, Analyst

What’s Going On Here?

Over half the companies in the S&P 500 have reported their quarterly results by now.

And while they’ve been struggling with high inflation and rising interest rates as expected, their updates have generally panned out pretty well.

In fact, 52% of companies have significantly beaten analysts’ estimates, while only 12% have seen major negative surprises.

That overall outperformance might be why we’ve seen stocks rally recently. But stay on your toes: there are signs of trouble brewing under the surface.

So that’s today’s Insight: the good news of earnings season so far, the not-so-good news, and what they tell us about where stocks might go next.

Read or listen to the Insight here

Get rewarded for staking crypto

Staking can help your crypto investments go further without you doing any extra work.

And now you can choose between five major coins – each with different yields – to stake with Change.

You can stake and unstake at any moment, and you’ll get daily rewards that automatically increase your staked balance and bring you higher earnings by the day.

There’s no time like the present: if you’re one of the first 100 users to join Change with this link and trade €100, you’ll get a free €10 worth of cardano straight away.

Get your €10 reward and start staking today.

Find Out More

First 100 users will receive €10 worth of cardano to their Change account. Change’s Terms & Conditions apply and can be read at www.changeinvest.com