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

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.