The market wants more evidence that Uber’s strategy is working, despite strong numbers.

Don’t be fooled by the market’s reaction; Uber $UBER ( ▲ 0.65% ) had an outstanding second quarter.

Monthly active customers jumped 16%, trips were up 18%, and gross bookings were up 22%.

So, if trips and bookings were so strong, why was revenue only up 12.2% (11% on a constant currency basis)? And is that what the market was disappointed by?

Part of the answer lies in a contra-revenue charge in the U.K. that I’ll explain below.

What’s more important for long-term investors is the operating profit line, which continues to improve.

Or you could look at operating and free cash flow, which are both trending higher. By the way, Uber trades for just 14x free cash flow at this point.

And despite all of this improvement in operations, Uber’s stock trades for a lower price to sales and price to forward earnings estimates than we’ve ever seen.

I think autonomy is still the overhang that the market is thinking about, and I’ll explain why that’s not the right way to look at the stock.

In fact, autonomy is behind the company’s 10x potential over the next decade.