Uber loses $708 million and head of finance

AUTO

San Francisco-based Uber Technologies’ head of finance is quitting, amid news of the company’s reported loss of $708 million in the first quarter, according to The Wall Street Journal.

However, the ride-hailing company claims it has narrowed the loss compared to the previous quarter when it reported a loss of $991 million. Revenue grew 18 per cent on sequential basis to $3.4 billion.

“The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability,” Uber said in a statement to CNBC.

But Gautam Gupta, the start-up’s head of finance, is leaving the company to join another San Francisco-based firm.

CEO Travis Kalanick told CNBC in an emailed statement, “Gautam is a world-class financial talent. Over the last four years, 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 his next challenge.”

Gupta’s departure comes at a time when Uber has been functioning without a chief financial officer since 2015. It has also lost high-profile executives like self-driving head Anthony Levandowski, and president Jeff Jones.

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