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Damn: Uber lost a whopping $1.27 billion in the first half of 2016

Uber lost a whopping $1.27 billion in the first half of 2016

Uber lost at least $1.27 billion in the first half of 2016, according to Bloomberg’s Eric Newcomer, who cites people familiar with the matter.

The ride-hailing giant Uber Technologies Inc. is not a public company, but every three months, dozens of shareholders get on a conference call to hear the latest details on its business performance from its head of finance, Gautam Gupta.

On Friday, Gupta told investors that Uber’s losses mounted in the second quarter. Even in the U.S., where Uber had turned a profit during its first quarter, the company was once again losing money.

Bloomberg reports that Uber held a conference call with investors Friday, led by finance head Gautam Gupta, to discuss Uber’s financial situation.

In the first quarter of 2016, Uber lost $520 million (“before interest, taxes, depreciation and amortization”). In the second quarter, the situation worsened, and Uber’s losses topped $750 million. That means Uber’s total losses are at least $1.27 billion for the first half of the year.

While these losses are staggering, they are mostly consistent with previous reports. Uber lost close to $1 billion in the first half of 2015.
The losses may stem from a variety of sources, including driver subsidies, Bloomberg reports.

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