A new report from Bloomberg shows the company lost more than $750 million last quarter, and $520 million the quarter before, for a total loss of at least $1.27 billion in the first six months of 2016.
Bloomberg's sources say that Uber Head of Finance Gautam Gupta pointed at driver subsidies as the source of the majority of the loss, but did not go into detail.
While Uber said it was profitable in the US during the first quarter of this year, Bloomberg reported that it lost roughly $100 million in the USA during the second quarter.
That Uber has left China should mean fewer losses in the months to come.
Gupta reportedly told Uber investors that the biggest source of the company's losses is subsidies its pays for its drivers. In 2015, Uber lost at least $2 billion before interest, taxes, depreciation and amortization. The lack of having to spend and lose money building up Uber's presence in China is expected to have a positive impact on Uber's balance sheet going forward. The company specifically said this week that it was willing to spend money to maintain its lead in the USA, but the larger question of how long Uber can continue to lose this much cash remains. It has $8 billion on-hand and another $1 billion coming in.
According to Bloomberg's Eric Newcomer, Uber told investors in a call on Friday that it has between 84% and 87% of the United States market share.
According to the report, Uber posted a loss of $1.27 billion in just the first half of 2016. In July, Uber delivered 62 million rides to Lyft's 13.9 million.
"It's hardly rare for companies to lose large sums of money as they try to build significant markets and battle for market share", said Joe Grundfest, professor of law and business at Stanford.
One Uber investor said that he was expecting the company to continue losing money in the USA for the next quarter or two.
"Uber has long since left behind the sharing economy", according to Solis.