Sunday, 21 April 2019
Latest news
Main » Uber IPO Filing Shows $10 Billion in Operating Losses Since 2016

Uber IPO Filing Shows $10 Billion in Operating Losses Since 2016

14 April 2019

It reportedly plans to sell about $10 billion worth of stock, which would make it one of the largest U.S. tech IPOs ever coming in at an anticipated $120 billion.

Uber wants a valuation of as much as $100 billion, which would make its issue second in size only to Alibaba's 2014 debut with a $169 billion valuation, reported The Wall Street Journal.

The ride-sharing company changed the US transportation landscape after it was founded in 2009 but has faced many controversies, including a lawsuit related to alleged sexual assaults committed by fake Uber drivers and a late March strike by Los Angeles drivers angered by low pay.

Good luck to potential investors in Uber's coming initial public offering.

Uber Technologies Inc. filed for an initial public offering, starting the clock on what's expected to be the biggest US listing this year.

Lyft shares ended on Wednesday down 11 per cent at $60.12, well below their $72 IPO price. The company also said it earned revenue of more than $11 billion during 2018.

Kirstjen Nielsen Out As DHS Secretary
Department of Homeland Security , has resigned from her role in the Trump administration, the president announced Sunday. When Kelly moved to the White House as Trump's chief of staff in July 2017, Nielsen went with him as his deputy.

Both Uber and Lyft have disrupted the way people travel short distances, particularly in big cities with once-thriving cab markets.

On Thursday, Uber's SEC paperwork revealed it plans to seek a listing on the New York Stock Exchange, under the ticker "UBER" - but did not specify a price range for the shares. At the end of 2018, Uber Eats, its most talked-about business, had gross bookings of $2.6 billion. Pinterest declined to comment. "Uber has become a verb". Uber had been faulted for a culture of workplace sexual harassment, programmes to evade regulators and a viral video of Kalanick lambasting a driver as the company faced mounting pressure of treatment of its contract workforce.

A Waymo spokesperson said: "This review is on-going and we will continue to take the necessary steps to ensure our confidential information is not being used by Uber".

Uber, which has previously made public some of its financial results, disclosed further details in its filing - including a net income of $997 million for 2018. Khosrowshahi joined Uber in 2017 from Expedia replace company co-founder Travis Kalanick, who was ousted as CEO.

Travis Kalanick, the former CEO who resigned in 2017 under pressure from the board, is one of Uber's largest shareholders, owning almost 9 per cent of the ride-hailing company's stock.

Uber said in its filing its ridehailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies. Lyft was the first in a string of technology IPOs expected this year, including food delivery service Postmates and smart exercise bike Peleton.

Uber IPO Filing Shows $10 Billion in Operating Losses Since 2016