The ride-hailing startup said Wednesday it lost $708 million in the first three months of the year. The financial data was paired with Uber announcing its search for a chief financial officer.
Jason Calacanis, an early Uber investor, congratulated the company on Twitter for continuing to grow its sales while cutting its loss from $991 million in the previous quarter.
“The trend is good,” says Bradley Tusk, a political consultant and investor in Uber. “Revenue up. Losses down, even though they keep investing heavily around the world.”
Call it the current Silicon Valley mindset. Losing billions of dollars each year isn’t necessarily a bad thing, if the company is thought to have lots of potential for sales growth and can show some modest progress in curbing its losses over time.Twitter ( TWTR , Tech30 ) had a strong public market debut in 2013 despite never having turned a profit before. Snap ( SNAP ), the parent company of Snapchat, is […]