Uber has filed documents in the United States to take the ride-hailing giant public, the most anticipated in a year of high-profile technology stock exchange listings. The document gave the first comprehensive financial picture of the company which was started after its founders struggled to get a cab on a snowy night. Uber said in its filing it expects operating expenses to "increase significantly in the foreseeable future" and cautioned it "may not achieve profitability".
Uber's revenue grew 42 percent past year to US$11.2 billion, but it continued to lose money from its operations. But the bad news is that Uber has racked up almost $8 billion in losses since its inception.
The IPO has been a long time coming, and the company's filing with the SEC is expected to be heavily scrutinized in the days to come.
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Uber is a considerably larger business than Lyft, operating in countries across the globe including Brazil, Mexico and India, as well as the Middle East, where it recently acquired Careem..
Uber has finally let us peek inside its business. The company has expanded beyond its original ride-hailing mission and is experimenting with scooters, bike-sharing and other alternative forms of transportation.
Seeking to allay market concerns that have hammered Lyft's stock, Uber said it swung to a profit of almost $1 billion last year, up from a $4 billion loss in the year prior, driven largely by the sale of assets connected to Uber's transactions with Grab and Yandex, and an unrealized gain on investments. Uber says it spent $457 million in 2018 on its various futuristic projects, including autonomous vehicles and flying cars.
Barely two weeks into its life as a public company, Lyft Inc. shares have been sliding fast with bigger rival Uber Technologies Inc. breathing down its neck.
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Lyft shares ended on Wednesday down 11 per cent at $60.12, well below their $72 IPO price.
In its S-1 registration statement, Uber warned that the markets in which it competes have attracted "significant investments from a wide range of funding sources", meaning many of its competitors would continue to be highly capitalized. Analysts consider building scale at a critical mass a crucial order for Uber's business model to become profitable.
Uber revealed that 91 million passengers were using its service worldwide at the end of 2018, according to documents it filed with the US Securities and Exchange Commission ahead of its listing on the US share market.
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