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Uber Bleeds $708M In Red Ink

It was a rough afternoon for Uber yesterday as the firm weathered the joint storms of Q1 results that indicate massive losses of profit and a head of finance that has decided to move on.

According to emerging reports, the ride-hailing company’s first-quarter revenue was $3.4 billion, up 18 percent from the fourth quarter. And while a rise in revenue is always good, in Uber’s case it is balanced by big losses in Q1 — $708 million worth, to be exact.

And while that may seem like a staggering number — in fairness, that is a drop-off from the $991 million losses of the previous quarter.

Gautam Gupta, Uber’s head of finance, has announced his intention to join a new startup venture in San Francisco. Uber, as it is a privately held firm, does not publish financial reports publicly — but will from time to time confirm their results in the media.

Though these results are clearly less than thrilling in-house, as of yet Uber has made no official comment.

Uber now finds itself looking to fill two big staff jobs — the firm is also looking for a new COO to help get the firm’s “bro” culture under control, as it has had some very negative PR consequences.

But bad PR has become a bit de rigueur for Uber this year — earlier this week the firm fired Anthony Levandowski after he failed to comply with a court order to hand over documents at the center of a legal dispute between Uber and Alphabet’s Waymo unit.

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