Uber loses at least $1.2B in first half of 2016

Uber Technologies Inc. is facing a year much like 2015, with losses reaching $1.27 billion so far in 2016.
 
The ride-hailing app company’s head of finance Gautam Gupta blamed subsidies for drivers in a conference call to shareholders, according to Bloomberg Technology.
 
From first to second quarter 2016, bookings for Uber rides grew from $3.8 billion to more than $5 billion alongside net revenue from $960 million to $1.1 billion. The company said a calculation change artificially increased revenue during the quarter.
 
Uber lost at least $2 billion last year and has lost roughly $4 billion total since its founding in 2009.
 
Read more from Bloomberg Technology.