Uber lost at least $1.27 billion before interest, taxes, depreciation and amortization in the first six months of 2016, Bloomberg reports today.
In the first quarter of this year, Uber lost about $520 million before interest, taxes, depreciation and amortization, according to people familiar with the matter. In the second quarter the losses significantly exceeded $750 million, including a roughly $100 million shortfall in the U.S., those people said. That means Uber's losses in the first half of 2016 totaled at least $1.27 billion.
Subsidies for Uber's drivers are responsible for the majority of the company's losses globally, Gupta told investors, according to people familiar with the matter. An Uber spokesman declined to comment.
Uber investors including Goldman Sachs Group Inc and Amazon.com Inc Chief Executive Jeff Bezos aren't commenting so far.
Uber is now valued at about $69 billion, and lost at least $2 billion in 2015, the report says.
Separately, the company announced that it will soon allow customers in London to book trips days or weeks in advance, making it the first city in Europe to have this service option.