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.
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
