Ride-sharing giant Uber Technologies lost over $700 million in its first quarter, a figure reported by the Wall Street Journal and confirmed by the company to TheStreet.
Revenues were up 18% from the previous quarter to $3.4 billion, while the $708 million loss was an improvement from the $991 million loss the previous quarter.
Uber also told TheStreet that finance head Gautam Gupta is moving on.
The company noted that while it has incurred losses, it still has over $7 billion in cash.
“These results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers,” an Uber spokesperson told TheStreet.
The spokesman acknowledged the losses, but also stated they are diminishing. “The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability.”
The company’s CEO, Travis Kalanick, provided his own statement on Gupta’s departure. The company has seen other high-level executives leave this year.
“Gautam is a world-class financial talent,” Kalanick said in his statement.
“Over the last four years,” Kalanick said, “he has been indispensable in helping build Uber from an idea into the business it is today. We couldn’t have done it without him, and I will miss his energy, focus and infectious enthusiasm. All of us at Uber wish him well in this next challenge.”
Uber is still searching for a CTO that will bring maturity to the company’s management. Kalanick announced the CTO search earlier this year.
The quarterly loss news comes just after the company fired Anthony Levandowski, who Alphabet (GOOGL) is accusing of using Waymo trade secrets to found Otto, which he then sold to Uber for $680 million. Uber is also expected to release soon the results of an internal investigation into the company’s alleged culture of sexual harassment being conducted by former attorney general Eric Holder.
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