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.