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  • 08.25.16

Morning intel: Uber loses more than $1.2 billion, Apple develops Snapchat-style video app

• A 6.2-magnitude earthquake hit central Italy early yesterday, and the death toll has since increased to 241 people. Head to the Guardian for live updates

• Uber reportedly lost more than $1.2 billion in the first six months of 2016 alone, according to Bloomberg

• In other Uber news: The company is going to start testing cheap flat rates for UberPool rides, Business Insider reports

Also from Bloomberg this morning: Apple is reportedly creating a video-editing app that sounds a lot like, well, Snapchat. But it’s possible the app will never see the light of day if Apple is unhappy with how it turns out.PM