The chief financial officer of Uber, Gautam Gupta, will be leaving the ride-hailing firm in July, in yet another high-profile executive departure. This is according to a report in the Wall Street Journal. It is understood that Gupta is leaving to join another startup as a chief operating officer.
After the news broke, the Uber’s chief executive officer Travis Kalanick said that the ride-hailing company would be eternally grateful for the contributions that Gupta had made.
“[Gupta has made an immense contribution] in helping build Uber from an idea into the business it is today … We couldn’t have done it without him, and I will miss his energy, focus and infectious enthusiasm,” wrote Kalanick in an emailed statement.
The search for a new head of finance at Uber has already been launched and the company is looking for someone who has previously worked for a public firm or one who has taken a company public.
The departure of the high-profile executive coincided with the release of the company’s financial results for the first quarter. According to the financial report, revenue increased by 18% in the first quarter of 2017 compared to the fourth quarter of 2016 to reach a figure of $3.4 billion.
The loss in the first quarter amounted to $708 million and this was exclusive of employee stock compensation as well as other items. This was a decline as in the fourth quarter of 2016 the loss amounted to $991 million. The results show that losses are narrowing as the ride service finds a path to profitability.
Uber which has managed to raised approximately $15 billion in debt and equity revealed that it still had about $7.2 billion in cash reserves. This was just about the same figure as it had in late 2016.
Though as a private firm Uber is not obliged to publicly report financial results, the ride service disclosed its financial details last month for the first time when it revealed that it generated revenues of $6.5 billion last year. It also divulged that its gross bookings had increased to $20 billion.
Besides executive departures, Uber has also had to deal with other challenges in the course of the year, none of which resulted in positive press coverage. This included allegations that there was pervasive sexual harassment at the company. Uber is also embroiled in a trade secrets court case filed by Waymo, Google’s self-driving car unit.