26 Aug '16, 6pm

Uber Loses $1.27 Billion As Driver Subsidies and Competition Take Their Toll

Uber Loses $1.27 Billion As Driver Subsidies and Competition Take Their Toll

Uber lost $1.27 billion in the first half of 2016, with much of that coming from incentivizing drivers, unidentified sources told Bloomberg . On Friday of last week, Uber’s head of finance, Guatam Gupta, gave a financial report during a conference call. While not a public company, ride-hailing and ridesharing giant Uber has been holding financial reporting calls for shareholders, Bloomberg said. Losses increased from $520 million in the first quarter to over $725 million in the second quarter, including about $100 million of that in the U.S. during the second quarter. Uber’s financial results are being reported to shareholders before interest, taxes, depreciation and amortization, sources said. An Uber spokesman declined to comment to Bloomberg . Subsidies for Uber’s drivers are responsible for the majority of the company’s losses globally, Gupta said during the earnings c...

Full article: http://www.hybridcars.com/uber-loses-1-27-billion-as-driv...

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#Uber lost $1.6b and the year's only half over

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