Uber Narrows Losses in Q1 2017 to $708 Million

Uber just posted its results from the first quarter of the year, even though they aren't a public company. Their losses narrowed from about $991 million in the fourth quarter, to $708 million in the first quarter of 2017. That's still a pretty hefty loss for the company, a company that has yet to post a positive quarter (the company doesn't actually post earnings often, and that's because it is not a public company). Uber also announced that revenue rose to $3.4 billion for the quarter, which is an 18% increase from the fourth quarter. An Uber spokesperson stated that "the narrowing of our losses in the first quarter puts us on a good trajectory towards profitability."

On top of this, the company's head of finance is also leaving. This is on top of the fact that the company has not had a chief financial officer in about two years. Gautam Gupta, Uber's head of finance, will be leaving the ride-sharing service in July. His plans after Uber include another startup in San Francisco, according to Uber. However that Startup was not named. Gupta is one of about a dozen high-profile executives to leave Uber since February of this year. The company also fired their head of self-driving technology earlier this week, Anthony Levandowski, and this was due to his failure to comply with court orders in the Waymo v Uber case, that is ongoing.

Lately, Uber has been taking a lot of damage, and has been in full damage control. Between their lawsuit with Alphabet's Waymo, and the allegations that Uber has a sexist culture. It's something that its founder, Travis Kalanick has been trying to fight and change lately. Uber has had a tough year already, and the company is looking to turn that around. But losing their head of finance definitely won't help them. They are now looking for quite a few executives to add to their team, and also looking for some finance executives that have experience with a public company, as Uber is looking to go public pretty soon. But the narrower loss for the quarter is definitely a step in the right direction for Uber.

Copyright ©2019 Android Headlines. All Rights Reserved
This post may contain affiliate links. See our privacy policy for more information.
You May Like These
More Like This:
About the Author
2018/11/alex-2.jpg

Alexander Maxham

Section Editor
Alex has written for Androidheadlines since 2012 as Editor of the site and traveled the World to many of the biggest Smartphone and Technology events. Alex has a background in Technology and IT and Deep Passion for Everything Android and Google. His specialties lay in Smartphones of all budgets, Accessories, Home Automation and more. Contact him at [email protected]
Android Headlines We Are Hiring Apply Now