Uber posts $708M loss as revenue grows; finance head quits

Ken Copeland
June 2, 2017

If Uber goes public, it will do it without its head of finance, Gautam Gupta, who announced Wednesday he would leave the company in July to be the COO of a startup. Uber has begun a search for a CFO with public-company experience as it considers an initial public offering, according to a Wall Street Journal report.

Uber's first-quarter loss, excluding employee stock compensation and other items, was $708 million, narrower than the $991 million reported three months earlier, the Journal said. Kalanick later apologized to the driver and said he "must fundamentally change as a leader and grow up".

Meanwhile, Uber is continuing to lose massive amounts of money - though its losses are shrinking.

Now, Uber is searching for another personality like Gautam Gupta who can overtake his position and lead the company towards the brighter future. Uber's gross bookings are also up nine percent. And as Reeves Wiedeman noted in NY magazine on Monday, it lost a staggering $2 billion, at least, in 2015, plus a further $2.8 billion in total a year ago against a reported $6.5 billion in sales.

Uber also experienced a viral boycott in January after social media users urged customers to #DeleteUber after the company was perceived as breaking up a strike of taxi drivers who were protesting President Trump's travel ban. In the fourth quarter, Uber generated US$1.4 billion in non-GAAP net revenue.

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Kalanick praised Gupta in an emailed statement.

About a dozen top executives have left Uber since February. In the three months prior, the company made a loss of $991m so losses are narrowing quarter-on-quarter, however, the company did not report figures for the first quarter of 2016.

That suggests that moreover to looking for a number-two executive to join with Uber CEO Travis Kalanick, Uber will now also require someone to head its financial team. "Over the last four years, he has been indispensable in helping build Uber from an idea into the business it is today".

Uber isn't legally required to share its financials publicly, as it is not a publicly traded company.

Other reports by Guamnewswatch

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