Uber has recorded its first ever money flow-positive quarter, after burning by means of $25bn since its founding 13 years in the past within the rush in direction of international growth.

The lossmaking Silicon Valley group, which has relied on heavily-subsidised rides to upend the taxi business worldwide, mentioned it generated free money circulate of $382mn within the three months to the tip of June.

That’s considerably greater than the $109mn analysts had been predicting, in accordance with information from S&P Capital IQ. Free money circulate is outlined as money circulate from operations minus capital expenditure.

“This marks a brand new section for Uber, self-funding future development with disciplined capital allocation, whereas maximising long-term returns for shareholders,” mentioned Uber’s chief monetary officer Nelson Chai.

Earlier this yr, the corporate mentioned it could rein in spending with a view to meet the objective of being free money circulate constructive by the tip of 2022. That included decreasing driver incentives and slowing company hiring.

The corporate nonetheless posted a quarterly internet lack of $2.6bn, of which $1.7bn was attributable to poorly performing investments, together with its shares in self-driving firm Aurora, Singapore-based app Seize and Indian supply app Zomato.

Chai mentioned Uber’s earnings would “see swings from quarter to quarter because of the giant measurement of fairness stakes on our steadiness sheet”.

“Whereas we intend to monetise a few of our stakes at an acceptable time, we now have adequate liquidity to provide us the pliability to take care of all of those positions, with the intention of maximising worth for Uber and our shareholders.”

The online loss was worse than analysts’ estimates, however Uber’s outcomes comfortably beat analysts’ expectations on different key measures. General income was $8.1bn, up 105 per cent year-on-year. Analysts had been anticipating $7.37bn.