Uber losses decline as revenues rise

A man exits the Uber offices in Queens New York

A man exits the Uber offices in Queens New York , Reuters Brendan McDermid

The financial results come at a somewhat inauspicious point, since the company reported that Gautam Gupta, the 37-year-old chief financial officer, will be leaving in July to work for another startup also based in San Francisco.

After its former CFO Brent Callinicos left Uber in 2015, Gupta became the top finance executive at the company.

The Wall Street Journal first reported the news.

Uber Technologies Inc's revenue increased to US$3.4 billion in the first quarter of this year and losses narrowed, even as hundreds of thousands of people deleted the company's ride-hailing app from their smartphones.

Uber Technologies Inc. may face steep challenges finding a candidate with the necessary skills to be its next chief financial officer, according to executive recruiters.

The world's most valuable privately-held tech company began disclosing selective financial results earlier this year, providing more insight into the business of a company many investors believe could be moving closer to a public listing.

Uber CEO Travis Kalanick is seeking leadership help following some bumpy months at the ride-sharing company (file pic). As Business Insider points out, Uber has been valued by private investors at as high as $69 billion. And as Reeves Wiedeman noted in NY magazine on Monday, it lost a staggering $2 billion, at least, in 2015, plus a further $2.8 billion in total previous year against a reported $6.5 billion in sales.

Kalanick praised Gupta in an emailed statement.

Uber reports net revenue using generally accepted accounting principles, but this calculation has drawbacks: For its carpool service and in cities where it uses upfront pricing, the company records the entire fare as revenue instead of just the amount Uber keeps from drivers.

Uber told the WSJ that it still has $7.2 billion left in its coffers and that "the narrowing of our losses in the first quarter puts us on a good trajectory towards profitability". Gupta had been with Uber for four years, but was never officially given the CFO title.

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