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.

 
 
 
RECOMMENDED ARTICLE

Amazing piano stairs from around the world

Amazing piano stairs from around the world
READ MORE >
 
 

Forest fires in Spain force mass evacuations

Forest fires in Spain force mass evacuations
Spanish police had to wake people up to tell them to leave their homes on the night of ...
READ MORE >
 

More violence in Venezuela at protest over shooting

More violence in Venezuela at protest over shooting
Demonstrators marched to Venezuelan military bases on June 24 to protest the shooting of a young demonstrator; the ...
READ MORE >
 

Runners compete in the Gobi March desert crossing

Runners compete in the Gobi March desert crossing
Up for a challenge? How about a seven-day race across a desert? The Gobi March is part of ...
READ MORE >
 

Japanese cat lover tours country with a load of Persian kitties

Japanese cat lover tours country with a load of Persian kitties
Masahiko Suga, a 56-year-old electronics company retiree in Japan, rose to internet fame in 2014 by taking his ...
READ MORE >
 

Orangutan makes trade with a human in the zoo

Orangutan makes trade with a human in the zoo
I assure you that when you'll see the orangutan in this video making a trade with a human, ...
READ MORE >