Uber posts improved financial numbers but loses another executive

May 31 (UPI) -- Uber is growing its revenue and losing less money than it was at the end of last year, according to first quarter financial numbers shared by the company this week.

The embattled ride-sharing outfit posted a loss of $708 million during this year's first quarter, less than the $991 million loss Uber disclosed during the final quarter of 2016. Uber said it boosted its revenue by 18 percent to $3.4 billion during the last four months.

"The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability," Uber said in a released statement.

Uber isn't legally required to share its financials publicly, as it is not a publicly traded company. But Uber officials have hinted that the company could issue public shares in the near future.

According to the Wall Street Journal, Uber also reported a rise in usage rates this week. Ride-hail bookings have risen 9 percent, the company told the paper.

The financial numbers were accompanied by news of another departing Uber executive. Uber announced the resignation of Gautam Gupta, head of finance. Gupta is leaving to serve as COO of a smaller startup company. Uber has been without a CFO since 2015.

"Gautam is a world-class financial talent," Uber CEO Travis Kalanick said in a released statement. "Over the last four years, he has been indispensible 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."

Over the last year, Uber plenty of negative publicity, including complaints about a sexist work culture. The bad press has appeared to take a serious toll on the company's leadership, as several high-level executives have departed recent months.

Despite the ongoing turmoil, Uber officials remain publicly optimistic about the company's future.

"These results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers," an Uber spokeswoman told CNET. "The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability."
Brooks Hays

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