Volumes - the number of trips, all segments combined - grew by 24% compared to the first quarter of last year, and consolidated revenues by 33%. The mobility business - i.e. the cab business - saw total transaction value increase by 43%; the meal delivery business, which is much more competitive, by only 12%.

The configuration does not change: the mobility business is the only segment to be truly profitable, and it subsidizes the development of the other two segments - the delivery business and the logistics business, which is still in its infancy and has great potential but is struggling to take off.

By posting a consolidated cash profit - or "free cash flow" - of $549 million, management is sending a strong signal to investors. Investors will interpret this number according to their sensitivities, which may differ significantly.

Certainly, on paper, under GAAP, by subtracting from the operating cash flow the investments in fixed assets, Uber makes a cash profit of $549 million. But what about the $470 million in stock options - almost the entirety of that cash profit - which is not deducted from the calculation?

Good point: the platform extends its domination and proves its ability to generate profits. Less good point: for the time being, these profits are mainly going into the pockets of the management team. On this subject, for the record, the CEO and CFO pocketed a whopping $37 million between them last year, excluding fringe benefits.

We should also be careful with the "adjusted" EBITDA of each segment, since it excludes R&D expenses - accounted for at the consolidated level, yes, but no less structural regardless of the segment.

On a more positive note, Uber is gaining market share - gradually crushing its competitors, including Lyft in the US - and showing real pricing power: the quality of the franchise and its platform is clearly recognized by the public.

However, the group must now deal with more than $9 billion in debt maturities over the next five years. The hype around the record free cash flow is undoubtedly motivated by these refinancing requirements.

Management is considering asset disposals. It remains to be seen which ones, and whether they will find buyers at the expected valuations given the deteriorated market conditions.