A Bloombergreport Thursday revealed that Uber continues to lose an astounding amount of money as it tries to figure out a business model that works internationally. Uber lost $1.27 billion globally in the first half of 2016, according to the report. But more concerning for domestic riders is the fact that, after a profitable quarter in the United States, Uber is now once again losing money in the US market as it tries to use the enormous amount of financing it's raised ($16 billion) to destroy competitors such as Lyft.

In its quest to corner the ridesharing market, that has meant steep price discounts and promotional fares for consumers that are subsidized by Uber's investors. Uber lost $100 million domestically in the second quarter. Lyft isn't faring any better—its goal is to lose less than $50 million per month, according to the Bloomberg report.

"Uber has been engaged in a fierce price war with Lyft Inc. this year, and that has also contributed to the enormous losses," Bloomberg reporter Eric Newcomer wrote. "Uber told investors on Friday's call that it's willing to spend to maintain its market share in the US. The company told investors that it believes Uber has between 84 percent and 87 percent of the market in the US, according to a person familiar with the matter. One investor said that he was expecting Uber to continue losing money in the US for the next quarter or two."