Uber loses $708 million in first quarter

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.

 
 
 
 
 

What Trump Is Doing to Solve the North Korean Crisis

What Trump Is Doing to Solve the North Korean Crisis
President Donald Trump is running an unprecedented pressure campaign against North Korea in an attempt to avoid war ...
READ MORE >
 

Former North Korean Official: Dissent Is Growing

Former North Korean Official: Dissent Is Growing
A high level North Korean defector shed light on the brutality of Kim Jong Un's regime and its ...
READ MORE >
 
US

FBI Knew of Russian Bribes Before Obama Admin Ok’d Nuclear Deals with Moscow

FBI Knew of Russian Bribes Before Obama Admin Ok’d Nuclear Deals with Moscow
The FBI had intelligence on a Russian bribery, kickback, extortion, and money laundering scheme on U.S. soil aimed ...
READ MORE >
 
UK

OECD Report: Brexit Reversal Would Be ‘Positive’ for UK Economy

OECD Report: Brexit Reversal Would Be ‘Positive’ for UK Economy
The UK got a controversial financial report card on Monday from an organisation that represents many of the ...
READ MORE >
 

Rescuing turtles from ghost net

Rescuing turtles from ghost net
Sea turtles have become entangled in ghost nets floating in the ocean. These creatures are particularly vulnerable to becoming ...
READ MORE >