2. Unlike 1Q, reported 2Q results did not appear distorted by any major accounting games. In 1Q Uber sold failing Asian operations to Grab, and asserted the Grab shares it obtained in the transaction were worth $3.0 billion, producing a 1Q accounting profit of $2.5 billion. Many (but not all) of the media reports of Uber's 1Q results fell for the "Uber is now profitable" gambit. Press coverage generally emphasized the "2Q losses increasing" point, reversing whatever short-term PR benefits Uber might have gotten from its claims of 1Q "profit".