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Uber Narrows Losses as Revenue Rises
Uber Technologies Inc. reports its first-quarter net loss shrank to $708 million from $991 million in October-December.
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Uber Technologies Inc. reports its first-quarter net loss shrank to $708 million from $991 million in October-December. The privately held ride-hailing service did not report year-earlier results.
The company says it has $7.2 billion in cash available from about $15 billion it has raised in equity and debt funding.
Uber also says Gautam Gupta, its senior finance official, will leave the company in July to join another startup in the San Francisco area. A source tells The Wall Street Journal that Uber, which is preparing to launch an initial public offering, is looking for a chief financial officer with experience at a publicly traded company. Uber hasn’t had an official chief financial officer since Brent Callinicos left in 2015.
Gupta joins several senior executives who have exited Uber this year. Since January the company has lost its president (Jeff Jones) and its heads of production and growth (Ed Baker), engineering (Amit Singhal), policy and communications (Rachel Whetstone), artificial intelligence lab (Gary Marcus) and global vehicle programs (Sherif Marakby).
This week Uber also fired Anthony Levandowski, former head of its autonomous vehicle program, after he declined to cooperate in a lawsuit that claims Uber had used robotic car technology he stole from Alphabet Inc.’s Waymo autonomous car program.
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