Uber lost over $1.27 billion in 1st half of 2016
Ride-hailing app Uber has reportedly incurred a loss of at least $1.27 billion in the first half of 2016. It lost about $520 million in the first quarter and over $750 million in the second quarter of 2016. According to Uber's Head of Finance Gautam Gupta, subsidies for drivers are responsible for majority of the company's losses.