Uber on road to profitability as head of finance Gautam Gupta departs
Uber said its net loss in the first quarter narrowed to $708 million, from $991 million in the previous quarter

Uber has reported that its head of finance is leaving, and that its first-quarter loss narrowed substantially from the prior quarter, putting it on a path toward profitability.
Head of finance Gautam Gupta is leaving Uber in July to join another startup in San Francisco, making Gupta the latest high-profile executive to quit the privately held ride-hailing company.
Uber, which has been rocked by several high-level departures in the past few months as it grapples with a series of controversies, has been looking for a chief operating officer to help change its now-notorious “bro” culture.
Gupta's exit sets the stage for a second major executive search: now for a chief financial officer who has public company experience.
About a dozen top executives have left Uber since February.
On Tuesday, the company fired Anthony Levandowski, the technology whiz it had hired to lead its self-driving unit, after he failed to comply with a court order to hand over documents at the centre of a legal dispute between Uber and Alphabet's Waymo unit.
Uber reported on Wednesday that its net loss in the first quarter (excluding employee stock compensation and other items) narrowed to $708m, from $991m in the fourth quarter.
As a private company, Uber does not report its financial results publicly, but at times it has confirmed figures reported in the media.
Uber said its first-quarter revenue rose 18 per cent to $3.4bn from the fourth quarter.
“The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability,” an Uber spokesperson said in an email.
The Wall Street Journal first reported the news on Wednesday.
Reuters
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