For all of its apparent success, Uber is suffering of late. The ride-hailing service told shareholders last month it lost at least $1.27 billion in the first half of 2016. The news comes after the company boasted of its profitability earlier this year.
The announcement came during a conference call with shareholders during which Uber Technologies Inc. officials announced losses of $520 million in the first quarter and another $750 million in the second quarter.
“You won’t find too many technology companies that could lose this much money, this quickly,” Aswath Damodara, business professor, New York University, who has written skeptically of Uber’s astronomical valuation on his blog, told Bloomberg. “For a private business to raise as much capital as Uber has been able to is unprecedented.”
Among the reasons for Uber’s losses is its business in China. The company recently sold its China operations to rival Didi Chuxing. Uber still holds an 18 percent stake in the Chinese company. CEO Travis Kalanick said in February Uber was losing $1 billion a year in China. Bloomberg estimates Uber lost around $100 million in the United States during the second quarter.
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