Uber only loses $708 million in the first quarter

Uber’s Upfront Pricing system, under which they charge passengers in certain areas more, is helping their bottom line. Upfront Pricing, which has been in place since last year in some markets, also means they can take more than the 20-25% of a fare that Lyft takes as their commission. On many rides, Uber now takes 30-60% of the fare a passenger pays.

In any case, it’s working. They trimmed their first quarter losses to $708 million from $991 million last year.

Source: The New York Times