Wednesday, May 31, 2017

"Uber Limits Loss to $708 Million in First Quarter"

The NYT had the cheeriest headline that we saw cross.
From the New York Times:
Uber has spent billions to upend the transportation industry. Now, at least for the moment, it is burning slightly less cash in that effort.

The company said Wednesday that it lost $708 million over the first three months of the year on revenue of $3.4 billion, not counting expenses like employee stock compensation. That is a narrowing of the previous quarter’s loss of $991 million, on revenue of $2.9 billion.

Uber said it was still sitting on $7.2 billion in cash, roughly the same amount it held at the end of 2016.

“These results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers,” an Uber spokesman said in a statement. “The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability.”...MUCH MORE
Uber's Executive Flight

As Uber has been scrutinized over its workplace culture and the behavior of its top executives, several high-ranking managers have left the ride-hailing company this year. 

Amit Singhal
Joined: January 2017
Left: February 2017
A 15-year Google veteran who was dismissed for failing to disclose a sexual harassment claim that occurred during his Google tenure.

Raffi Krikorian
Joined: March 2015
Left: February 2017
A former Twitter executive who left six months after Uber brought in new leadership to its self-driving cars effort.

Jeff Jones
Joined: August 2016
Left: March 2017
A former Target executive brought in to improve the company’s relationships with drivers. He left after Uber began a search for a chief operating officer.

Brian McClendon
Joined: June 2015
Left: March 2017
A former Google engineer brought in to work on mapping and self-driving technology. He left amicably to move to his home state of Kansas to explore politics.

Gary Marcus
Joined: December 2016
Left: March 2017
Joined through an acquisition of his artificial intelligence company, Geometric Intelligence, and left three months after Uber created another A.I. research division.

Ed Baker
Joined: September 2013
Left: March 2017
A former Facebook executive who resigned after Uber began its internal investigation into workplace culture.

Rachel Whetstone
Joined: May 2015
Left: April 2017
A Google veteran who was in charge of policy communications. She departed after tensions with Travis Kalanick, Uber’s chief executive.

Anthony Levandowski
Joined: August 2016
Left: May 2017
A star engineer who was the subject of a lawsuit brought by his former employer, Google’s parent company, over claims that he stole intellectual property.

Josh Mohrer
Joined: January 2012
Left: May 2017
A controversial figure inside the company who was chastised in 2014 for tracking a reporter’s whereabouts using Uber’s technology.

Gautam Gupta
Joined: April 2013
Left: May 2017
A former Goldman Sachs executive who oversaw finances for the past two years after the chief financial officer departed.

Uber's lucky they are private.
Operating without a CFO would be worth a haircut of $5-10 billion at the open tomorrow, off  whatever the valuation is these days.