Uber Posts $708 Million Loss as Revenue Grows; Finance Head Quits

Francis Harris
June 2, 2017

Gautam Gupta, chief financial officer at Uber has left to join another startup.

"During my time here, I have been incredibly inspired by Uber's deep operational excellence-so much so that I have chose to give it a try myself", said Gupta to his finance team in an email, according to the Wall Street Journal. Uber also said its first quarter revenue was 18 percent higher than it was in the last quarter of 2016, and that it is sitting on $7.2 billion, around the same amount it had a year ago. Revenue grew 18 percent on a sequential basis to $3.4 billion.

Uber is growing its revenue and losing less money than it was at the end of a year ago, according to first-quarter financial numbers shared by the company this week.

Uber is now looking for a chief financial officer who it is thought will help steer the company towards a flotation on the stock market in the next two years. Despite suffering heavy losses, Uber is valued at $69 billion.

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, the company generated US$6.9 billion in gross bookings and US$2.9 billion in net revenue.

The ride-hailing start-up said it is initiating a search for a CFO with public company experience.

Uber Technologies has reported big losses for the first quarter even as revenue rose. The company lost at least another US$1 billion in China a year ago.

Mr Kalanick praised Mr Gupta in an e-mailed statement.

Uber has lost almost a dozen executives over the past few months.

"Gautam is a world-class financial talent", said Uber CEO Travis Kalanick.

Uber Technologies Inc's [UBER.UL] head of finance is leaving as the ride-hailing company reported continued big losses for the first quarter, the Wall Street Journal reported on Wednesday. "Over the last four years, he has been indispensable in helping build Uber from an idea into the business it is today".

Other reports by TheDigitalNewspaper

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