Uber Lost $708 Million Last Quarter
Admittedly, that’s an improvement over the nearly $1 billion it lost in the quarter before that.
The unpleasant headlines just keep piling up for Uber. In a Wall Street Journal story that went live on Wednesday, the ride-hailing company admitted it had lost $708 million in the first quarter of 2017 alone.
Admittedly, that nine-figure loss is an improvement over the previous quarter. In the final three months of 2016, Uber lost $991 million.
Revenue for Q1 2017 was up 18 percent over the previous quarter, as well, with the company raking in $3.4 billion in January, February, and March of 2016.
“The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability,” an Uber spokesperson said, according to WSJ.
And in spite of the losses, the company—which is valued at close to $70 billion, based upon its waves of fundraising—still says it has plenty of cash on hand. Uber says it still has about $7.2 billion lying around, the result in large part of multiple rounds of fundraising that have raked in more than twice that amount in equity and debt-sourced money overall.
The $708 million Q1 loss comes as Uber continues to struggles with the departure of high-level personnel, for one reason or another. The company said Gautam Gupta, its head of finance, will be withdrawing from the company—a move that could leave the company missing multiple key financial executives, as Uber has been without a chief financial officer since 2015. Gupta joins the ranks of more than a dozen top Uberites who've either quit or been fired in recent months due in part to the array of scandals the company is facing, including the lawsuit with Waymo that led to Anthony Levandowski losing his job and the sexual harassment allegations levied by a female engineer.