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.
To many readers, the loss is nothing short of staggering. But for Uber’s investors, it’s actually something to be applauded.
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 […]