Uber’s head of finance is set to quit amid testing times

Uber’s head of finance is set to quit amid testing times

Uber’s head of finance is set to quit amid testing times

According to latest reports, Uber’s head of finance, Gautam Gupta, is set to quit the company in July. Reports also said Gupta’s aims to join another San Francisco-based firm as COO, but it’s not clear what that company is. News of his imminent exit arrives as Uber has posted losses of $708 million.

In the fiscal first quarter, Uber’s revenue was $3.4 billion, an 18 percent rise from its previous quarter. Uber reportedly faced losses of $708 million, not counting employee stock compensation “other items” . In the last three months, Uber’s losses were $991 million, which means that its losses are shrinking.

As per publications, Uber has $7.2 billion in cash on hand. Uber’s gross bookings are also up 9%.

Meanwhile Uber spokesperson said in an interview, “These results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers, the narrowing of our losses in the first quarter puts us on a good trajectory towards profitability.”

That suggests that moreover to looking for a number-two executive to join with Uber CEO Travis Kalanick, Uber will now also require someone to head its financial team. Uber, which has not had a chief financial officer since 2015, when Brent Callinicos bounced and finally joined Hyperloop One is currently keen to bring in an official CFO. The company is particularly looking for a name with experience at a public company, or an easy rise this year for Uber, between accusations of sexual harassment and a series of departures of top-level management at the company. Yesterday, Uber fired Anthony Levandowski, the engineer blamed for stealing thousands of documents pertaining to self-driving technology from Google. And mere last week, Uber lost its general counsel for the Middle East, Europe and Africa.

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.