Uber stems the bleeding as losses shrink to $708 million
HONG KONG — Uber isn't breaking from its tradition of reporting sharply higher revenue and multi-million dollar losses, although the ride-hailing service's deficits are shrinking.
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 has burned through at least $8 billion since it was founded in 2009.
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.