Uber reveals IPO with warning it may never make a profit

Uber reveals IPO with warning it may never make a profit

Uber reveals IPO with warning it may never make a profit

Uber said it operates on six continents with some 14 million trips per day and has totaled more than 10 billion rides since it was founded in 2010.

Uber Technologies Inc. has said it will list on the New York Stock Exchange, in a deal likely to value the USA ride-hailing firm at up to $100 billion.

In 2017, Uber's revenue stood at $7.9 billion, up ~106% YoY, and it rose to $11.3 billion in 2018, a rise of ~42%.

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Uber lost $3.03 billion in 2018 from operations.

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Uber's filing follows the debut last month of its competitor Lyft on the Nasdaq Global Select Market.

With an estimation of 10 billion dollars for Uber IPO, Uber is said to be the biggest public offer in the market in 2019. The positive result stemmed from a windfall that Uber generated from the sale of its operations in Russian Federation and Southeast Asia.

Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business.

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"Our continued success will come from stellar execution and the strength of the platform we have worked so hard to build", CEO Dara Khosrowshahi said in a letter in the filing.

The IPO was estimated to sell around $10 billion worth of stock at a valuation between $90 billion and $100 billion, according to reports.

If, as a result of legislation or judicial decisions, we are required to classify Drivers as employees (or as workers or quasi-employees where those statuses exist), we would incur significant additional expenses for compensating Drivers, potentially including expenses associated with the application of wage and hour laws (including minimum wage, overtime, and meal and rest period requirements), employee benefits, social security contributions, taxes, and penalties.

This season, the investment bankers managing the IPO of Uber are expected to reveal a pricing array for the stocks of Uber.

Lyft beat Uber to the stock exchange last month with an IPO that raised $2.3 billion, but its shares have been backsliding following an early run-up.

Uber is also expanding in other markets such as freight while offering other ways to get around with shared scooters and bikes.

Analysts argue that, that side of the business has rapidly gained market share and has established itself as a key part of the overall group, so it makes sense for bosses to plough more money into it.

The blowback from the problems assisted Lyft pickup ground in the US - a thing Uber acknowledged in its own filing - and contributed to the ouster of both Uber co-founder Travis Kalanick since CEO in 2017.

In addition to answering questions about Uber's finances, CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years. But revenue in 2017 had more than doubled from 2016. Alphabet also owns approximately 5% of Uber rival Lyft's inventory.

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