Revenue more than doubled to US$8.1 billion in the three months through June – a 105% increase.

Though it still posted a net loss of US$2.6 billion, investors reacted positively: shares shot up more than 12% to US$27.58, in pre-market trading.

The company posted US$1.8 billion in revenue from its freight operations.

It also said the boost in revenue was partially explained by a change in how it accounts for its rides business in Britain.

Uber notched gains in monthly active platform consumers, gross bookings and trips compared with a year ago, reflecting higher demand but also a higher number of drivers for its signature ride service and food delivery operations.

Uber CEO Dara Khosrowshahi said both consumers and earners were at “all-time highs”.

“Last quarter I challenged our team to meet our profitability commitments even faster than planned – and they delivered,” Khosrowshahi said in a statement.

Uber primarily attributed its loss to the falling value of its investments in financially strapped companies such as Singapore’s VTC Grab, US self-driving vehicle start-up Aurora and Indian food delivery service Zomato.