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Uber recorded losses of over a billion dollars in the first half of 2016

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Taxi company Uber has transformed the industry, but apparently lost a lot of money while doing so.

The New York Times reported that the company lost approximately $1.2 billion in the first half of 2016.

The heavy losses are due to the company paying subsidies to attract riders and drivers, especially in China where it has been battling local cab company Didi Chuxing. 

It's also still keeping an eye on its American rival, Lyft.

Some positives in Uber's finances 

The company had a strong growth in revenue in the second quarter of this year,  with a jump up to more than $5 billion in second-quarter bookings, which was a 31 percent increase. 'Bookings,' is a type of accounting that includes the money paid out to Uber drivers in subsidies.

Uber is currently valued at more than $62 billion by investors, and has been raising billions of dollars every few months.

Uber recorded losses of over a billion dollars in the first half of 2016

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