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.