Uber has spent billions to upend the transportation industry. Now, at least for the moment, it is burning slightly less cash in that effort.
The company said Wednesday that it lost $708 million over the first three months of the year on revenue of $3.4 billion, not counting expenses like employee stock compensation. That is a narrowing of the previous quarter’s loss of $991 million, on revenue of $2.9 billion.
Uber said it was still sitting on $7.2 billion in cash, roughly the same amount it held at the end of 2016.
“These results demonstrate that our business remains healthy and resilient as we focus on improving our culture, management and relationship with drivers,” an Uber spokesman said in a statement. “The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability.”