Uber Loses $708million

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File illustration picture showing the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign in Frankfurt, September 15, 2014. A Frankfurt court earlier this month instituted a temporary injunction against Uber from offering car-sharing services across Germany. San Francisco-based Uber, which allows users to summon taxi-like services on their smartphones, offers two main services, Uber, its classic low-cost, limousine pick-up service, and Uberpop, a newer ride-sharing service, which connects private drivers to passengers - an established practice in Germany that nonetheless operates in a legal grey area of rules governing commercial transportation. REUTERS/Kai Pfaffenbach/Files (GERMANY - Tags: BUSINESS EMPLOYMENT CRIME LAW TRANSPORT)

Ride hailing company, Uber has been reported to have lost a total of $708 in the first quarter of the year.

The company, according to the Wall Street Journal last week did not make any profit in the first quarter of the year.

In confirmation of the Wall Street Journal’s publication last week, the company has just confirmed that it indeed lost a total of $708 million in the first three months of the year.

Uber however revealed that despite the loss, it posted $3.4 billion in revenue.

Speaking through its spokesperson, the company added: “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.”

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