Thursday 8 December 2016

Uber lost at least $1.27bn in first half of 2016

Published 26/08/2016 | 07:33

Uber Photo: Reuters
Uber Photo: Reuters

Ride-hailing giant Uber Technologies lost at least $1.27bn before interest, taxes, depreciation and amortization in the first six months of 2016, Bloomberg reported on Thursday, citing people familiar with the matter.

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The subsidies Uber grants its drivers was the main reason for the loss, finance head Gautam Gupta told investors in a quarterly conference call, Bloomberg said, citing sources.

Uber, whose investors include Goldman Sachs Group and chief executive Jeff Bezos, could not immediately be reached for comment.

The company lost about $520m in the first quarter of the year and another $750m in the second quarter, Bloomberg said.

Uber, which is now valued at roughly $69bn, lost at least $2bn in 2015, the report said.

The company's net revenue increased to about $1.1bn in the second quarter from $960m in the first quarter, while bookings rose to more than $5bn from more than $3.8bn in the prior quarter, Bloomberg said.


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