Here’s what you should know today.

1. Uber posts $708m Q1 loss; finance chief departs

Uber has published its financial results for Q1 2017. While sequential revenue grew by an impressive 18% to hit US$3.4 billion for the quarter, the ride-hailing company also posted an overall loss of US$708 million.

Uber’s head of finance Gautam Gupta is quitting to join another San Francisco-based firm.

Despite the substantial losses, Uber’s Q1 results actually represent an improvement on the US$991 million deficit the company reported during the preceding quarter. Uber’s high profile presence but challenge in making profit in the long run represents a lot of struggles shared by many startups across the globe.

Read the rest of the story here.

 

2. Mary Meeker’s latest trends report highlights Silicon Valley’s role in the future of healthcare

A few key insights from the report:

  • More of us are now downloading health apps and willing to share our health data, too.
  • Meeker’s report says a full 60 percent of us were willing to share our health data with Google in 2016.
  • In other good news, hospitals and doctor’s offices now offer patients access to their own digital data, as well.

Much of these insights aren’t all that surprising. Wearables are ubiquitous, there’s money to be made in disrupting old systems by making them digital and venture firms have poured a bunch of money into new health startups to do just that.

Read the rest of the story here.

 

3. Michael Kors to Close 100-125 Stores

 Another victim of ecommerce disruption.

Michael Kors Holdings Ltd gave a bleak full-year forecast and said it would shut more than 100 full-price retail stores in the next two years as it struggles in its turnaround strategy.

Total sales fell 11.2 percent to $1.06 billion in the fourth quarter, while analysts had expected $1.05 billion. The company’s comparable-store sales fell 14.1 percent in the quarter, below analysts’ estimate of 13.4 percent.

Certainly, Michael Kors’ problems mirror those of a number of major American luxury brands, an issue outlined by Luca Solca, the head of luxury goods at BNP Exane Paribas, in a recent article for BoF.

“Today’s luxury market is about maintaining the illusion of exclusivity, while selling units by the millions. Shatter the illusion and brand cachet is lost,” Solca wrote. “America’s large luxury players [have been] sprinting to sell as much as possible, as fast as possible, then suffering the consequences.”

Read the rest of the story here.