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Brief: Uber posts $708m Q1 loss; finance chief departs

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The news:

  • Uber has published its financial results for Q1 2017. While sequential revenue grew by an impressive 18% to hit US$3.4 billion for the quarter, the ride-hailing company also posted an overall loss of US$708 million.
  • Uber’s head of finance Gautam Gupta is quitting to join another San Francisco-based firm.

Why it matters:

  • Despite the substantial losses, Uber’s Q1 results actually represent an improvement on the US$991 million deficit the company reported during the preceding quarter.
  • Gupta is the third senior executive to leave Uber in the past week. Josh Mohrer, general manager for the company’s New York operations, quit to take up a role at investment and strategic consulting firm Tusk Ventures. Anthony Lewandowski, head of Uber’s self-driving car project, was fired after refusing to comply with the company’s request that he testify and present evidence in its trade secrets-related legal dispute with Google affiliate Waymo.

Source: The Wall Street Journal.

This post Brief: Uber posts $708m Q1 loss; finance chief departs appeared first on Tech in Asia.

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