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Home / Auto / Uber’s financials are improving: It lost $708 million on $3.4 billion in revenue in Q1

Uber’s financials are improving: It lost $708 million on $3.4 billion in revenue in Q1

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Another Uber executive is leaving, even as the privately held company is narrowing its losses.

Uber reported a loss of $708 million in the first quarter, narrower than the $991 million reported the previous quarter, Uber confirmed to CNBC. Revenue grew 18 percent on a sequential basis to $3.4 billion.

 

“The narrowing of our losses throughout the first quarter locations us on trajectory in route of profitability,” Uber talked about in a press launch to CNBC.Nevertheless Gautam Gupta, the start-up’s head of finance, is leaving the company to hitch one different San Francisco-based agency.

CEO Travis Kalanick instructed CNBC in an emailed assertion, “Gautam is a world-class financial experience. Over the last 4 years, he has been indispensible in serving to assemble Uber from an thought into the enterprise it is for the time being. We couldn’t have achieved it with out him, and I am going to miss his vitality, focus and infectious enthusiasm. All of us at Uber need him properly on this subsequent downside.”



Gupta’s departure comes as Uber has been and never utilizing a chief financial officer since 2015. Uber has moreover misplaced high-profile executives like self-driving head Anthony Levandowski, and president Jeff Jones.

Correction: This textual content has been updated with the appropriate spelling of Gautam Gupta’s determine.

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