#UBER Massive expansion plan takes its toll on its quarterly profits and Bloomberg said citing sources they made a loss of $520 million in the first quarter of the year and another $750 million in the second quarter – @AceFinanceNews

#AceFinanceNews – Aug.25: Uber lost at least $1.27 billion in first half of 2016

An illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign(Reuters) – Ride-hailing giant Uber Technologies Inc [UBER.UL] lost at least $1.27 billion 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.

The company lost about $520 million in the first quarter of the year and another $750 million in the second quarter, Bloomberg said.

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