Uber Posts $708M Loss As Revenue Grows; Finance Head Quits

HONG KONG (AP) — Ride-hailing giant Uber has reported another multimillion dollar loss even as its revenues grow.

The San Francisco-based company said Thursday that its losses in the first quarter narrowed to $708 million from $991 million in the previous three-month period.

Uber told The Associated Press that it had $3.4 billion in revenue for the period, 18 percent higher than the final three months of last year.

The company is not publicly listed but has been mulling an IPO. It said in a statement “the narrowing of our losses in the first quarter puts us on a good trajectory towards profitability.”

Uber also said it’s launching a search for a chief financial officer as its head of finance, Gautam Gupta, departs, becoming the latest high profile executive to leave amid a string of troubles facing the company.

Gupta worked for the company for four years but was never promoted to the CFO position.

This year the company has also lost its head of communications, president and other senior executives as it faces allegations of sexism and sexual harassment in the workplace.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Comments are closed.

More From CBS Dallas / Fort Worth

Drip Pan: CBS Local App
Drip Pan: Weather App
Drip Pan: Restaurant Week 365

Watch & Listen LIVE