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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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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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