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Uber lost at least US$1.27b in first half of 2016

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

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 Inc and Inc Chief Executive Jeff Bezos, could not immediately be reached for comment.

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

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

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

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