Uber just turned a big profit — but don’t get used to it.
The startup said Wednesday that it posted a $2.5 billion profit in the first quarter after years of mounting losses. However, the impressive figure was almost entirely the result of Uber ceding two of its operations abroad to rivals.
The secondary stock sale would value Uber at $62 billion, according to the company, up from the $48 billion it was valued at in a similar deal at the beginning of this year with Japanese conglomerate SoftBank (SFTBF).
Uber spent billions in its quest to dominate ride hailing markets around the world while also investing in self-driving cars and food delivery. The company posted a $2.8 billion loss in 2016 and a staggering $4.5 billion loss in 2017.