Uber lost $708-million (about R9.2-billion) in the first three months of this year, although the car-hailing app said it was making progress towards profitability as revenues grow. The company also said that its finance chief would leave, the latest in a string of high-profile exits at the tech giant as it grapples with a series of scandals. Uber, which is privately owned and valued at almost $70-billion, does not have to release audited financials but is attempting to show it can become a viable business as it prepares to go public within the next few years. The company said revenue in the first quarter of the year had increased 18% from the final quarter of 2016 to $3.4-billion, and its losses had decreased from $991-million. The loss excluded stock-based compensation, often a significant accounting loss for technology start-ups. The revenue growth was much slower than three months earlier, although the fourth quarter tends to be Uber's busiest. A spokesman said that the narrowing...
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