Just last week, The Wall Street Journal reported that Uber did not make profit in the first quarter of 2017. Confirming this, Uber has announced that they actually made a loss of a whooping $708million in the first 3 months of the year despite posting revenue of $3.4 billion.

The company’s spokesperson said, “these results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers and Uber is on a good trajectory towards profitability”. Uber also said it’s looking for a chief financial officer who has worked at a public company or has experience in taking a company public.

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