Uber loses $708M in first quarter, fires engineer at center of self-driving car dispute

Uber logo

Uber logo

Uber on Wednesday announced its first-quarter financial results and though shocking they actually represent an improvement on the preceding quarter.

The ride-sharing giant lost $708 million in the first three months of 2017 on revenues of $3.4 billion. That compares with a loss of $991 million and revenues of $2.9 billion in the previous quarter.

In a statement, Uber said the narrowing of its losses continues it on its path toward profitability. That sounds rosy but there could be trouble brewing at Uber. For example, the company also announced on Wednesday that its CFO Gautam Gupta had left to join a startup company. Gupta replaced previous CFO Brent Callinicos in 2015.

Interestingly, Uber, in its quest to find a replacement for Gupta, said it is seeking someone with experience running financial operations for a public company. This suggests that Uber might be looking to go public in the near future.

The announcement of Gupta’s departure came just a day after it was revealed Uber had fired Anthony Levandowski, the engineer at the center a court battle between Uber and Waymo over allegations of stolen technology and infringement of patents. Levandowski, who was in charge of Uber’s self-driving car technology, previously worked for Waymo back when it was still the Google Self-Driving Car Project.

Earlier this month, a judge ordered Levandowski to stop all work on Uber’s self-driving car technology until the case is concluded. The judge also ordered Uber to return any files it may have obtained from Waymo through Levandowski.

In a letter obtained Tuesday by The Washington Post, Uber cited Levandowski’s failure to comply with the judge’s request to turn over the allegedly stolen documents as the cause of his termination.

Read also:
Ford increasing production of Expedition, Navigator SUVs

The case between Uber and Waymo is set for court trial in October.

Check Also

You can now pick between a Chiron or Ram Power Wagon in Forza Motorsport 7

Let's get one thing straight: you're (probably) never going to drive a Bugatti Chiron. At least not in real life. Now, however, you can pilot one in the Forza Motorsport 7 video game. The French multi-million-dollar road missile is part of a new downloadable pack of cars that's just made its way into your virtual world. It's not the only vehicle jumping to...

First EVs on Audi and Porsche’s PPE platform coming in 2021

Audi will introduce its first volume electric car this year in the form of the e-tron SUV. Fellow Volkswagen Group member Porsche will follow in 2019 with its own electric car in the form of the production version of 2015's Mission E concept. The two cars ride on distinct platforms developed independently, C-BEV in the case of Audi and J1 in the case of...