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Uber Loses $1.2 Billion in First Half of 2016

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Aug. 26, 2016—Ride-hailing service Uber lost more than $1.2 billion during the first half of 2016, according to a report from Bloomberg.

Uber lost about $520 million in the first quarter, with losses growing to about $750 million in the second quarter. Though most of the money was lost due to operations abroad, specifically in China, Uber saw a $100 million U.S. loss in the second quarter. According to Uber, most of the losses came from driver subsidies globally. 

Though the company posted a loss for the first half of the year, bookings for the ride-hailing service grew from $3.8 billion in the first quarter to about $5 million in the second. 

Max Chafkin of Bloomberg Businessweek said on Bloomberg that Uber is sitting on almost $8 billion in cash, and that these kinds of losses aren’t unprecedented, citing Amazon’s loss of more than $1 billion during the dotcom bubble. 

Uber is not a publicly traded company, but it does share financial data with dozens of shareholders. 

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