Uber lost at least $1.27bn in first half of 2016

The subsidies the ride-hailing firm gives its drivers was main reason for losses, finance head said, as leaked figures from investor call revealed huge losses..

Ride-hailing giant Uber Technologies lost at least $1.27bn 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.

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

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

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