Money

Uber Loses $1.2 Billion In First Half Of 2016

Posted on August 25, 2016

The transportation network company giant Uber Technologies Inc. is not a public company, but every three months, dozens of shareholders get on a conference call to hear the latest details on its business performance from its head of finance, Gautam Gupta.

On Friday, Gupta told investors Uber's losses mounted in the second quarter. Even in the U.S., where Uber had turned a profit during its first quarter, the company was once again losing money.

"You won't find too many technology companies that could lose this much money, this quickly," said Aswath Damodaran, a business professor at New York University who has written skeptically of Uber's astronomical valuation on his blog. "For a private business to raise as much capital as Uber has been able to is unprecedented."

Bloomberg News article here

Related Topics: capital, finance, investment, revenues, TNCs, Uber

Comments ( 1 )
  • Anthony

     | about 2 years ago

    Uber=failed business model Uber jets officially shut down over 6 weeks ago These executives at uber could not run a lemonade stand and make a profit. China- 40% of blue collar chinese makes 2,800 dollars per year Middle class 8,900 dollars per year Most ride bicicles... why would anyone invest 1 billion dollars The only winners are the investment firms that did not take their clients capital and invested in this ship with mo rutter.... the ship keeps going around in circles wasting fuel

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