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Uber’s losses in the first half of 2016 totals at least $1.27 billion

uber taxi hailing app

Uber has reported Losses totalling $1.27 billion for the first half of 2016 operating year.

According to a Bloomberg report, this was made known by the head of finance, Gautam Gupta in a call about the company’s performance last week Friday.

Gupta said that Uber lost about $520 million before interest, taxes, depreciation and amortization int he first Quarter of year. The second half of the year was worse. The company’s loss exceeded $750 million including a roughly $100 million shortfall in the U.S.

He added that majority of the company’s losses globally were due to subsidies for Uber’s drivers

Bookings grew tremendously from the first quarter of this year to the second, from above $3.8 billion to more than $5 billion. Net revenue, under generally accepted accounting principles, grew about 18 percent, from about $960 million in the first quarter to about $1.1 billion in the second.

In 2015, the taxi-hailing company lost at least $2 billion before interest, taxes, depreciation and amortization. Uber, which is seven years old, has lost at least $4 billion in the history of the company.

The company is currently valued at $69 billion

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Uber’s losses in the first half of 2016 totals at least $1.27 billion

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