Uber Loses $708million in the First Quarter of 2017

Uber Technologies Incorporated, a transportation network company headquartered in San Francisco, California, United States, operating in 570 cities worldwide has encountered bothering financial losses.

 

 

Just last week, The Wall Street Journal reported that Uber did not make profit in the first quarter of 2017.

 

Confirming this, Uber has announced that they actually made a loss of a whooping $708million in the first 3 months of the year despite posting revenue of $3.4 billion.

 

The company’s spokesperson said, “these results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers and Uber is on a good trajectory towards profitability”.

 

Uber also said it’s looking for a chief financial officer who has worked at a public company or has experience in taking a company public.