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Uber posts $708-million loss as revenue grows

2017-06-01 15:01

UBER: Ride-hailing service Uber Uber told the Associated Press that it had $3.4-billion in revenue for the period, 18% higher than the final three months of 2016.Image: AP / Eric Risberg

Hong Kong - Ride-hailing giant Uber has reported another multi-million 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.

Over $3.4-billion loss

Uber told The Associated Press that it had $3.4-billion in revenue for the period, 18% higher than the final three months of 2016.

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."

CFO leaves

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.

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