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In IPO, Uber reveals 91 million users but slowing growth

12 April, 2019, 07:12 | Author: Lawrence Cooper
  • Uber,Uber Technologies,Uber profit

The registration will provide investors with their most complete look yet at Uber's financial and operational numbers and strong points of comparison to rival Lyft's IPO registration in March.

Uber's revenue totaled $11.3 billion in 2018, a 42% increase from $7.9 billion in 2017, and a giant leap from $495 million in 2014. In the fourth quarter of 2018, Uber generated US$2.54 billion in adjusted net revenue, with US$2.31 billion of that coming from ridesharing. The San Francisco-based company applied to list on the New York Stock Exchange under the ticker UBER, according to its filing Thursday with the U.S. Securities and Exchange Commission.

Uber's offering is expected to be the largest U.S. IPO this year and among the 10 largest of all time, and a person familiar with the matter said the company is seeking to raise about $10 billion.

The company posted a profit of $997 million a year ago, but that doesn't mean its ride-hailing service suddenly started to make money - far from it. "However, once Uber goes public (expected in the mid-April timeframe), we could see outflows as investors seek to invest in Uber".

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving vehicle project took with him thousands of confidential documents.

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The world's largest taxi-hailing company revealed that it made a $3 billion operating loss previous year as it published the prospectus for its initial public offering (IPO). Uber has also been reaching beyond the ride-hailing business, pitching investors a broader business that includes food and freight delivery, scooters, electric bikes and even flying cars.

But Uber's operating losses declined from $4 billion in 2017 to $3 billion in 2018, indicating it could be heading in the right direction. It has, however, struggled to stem its billions of dollars of losses and has been forced to exit some markets, caving to competition from local rivals.

"They're showing that they're capable of controlling their costs, which has been a concern of ride sharing companies in general", said SharesPost analyst Alejandro Ortiz. However, Lyft's shares dropped significantly in its early days of trading, with the stock falling below its IPO offering price of $72.

But it suspended testing when one of its self-driving vehicles struck and killed a pedestrian in Arizona previous year.

Uber has spent more than $1 billion on autonomous vehicle technology to compete with Alphabet Inc., Apple Inc. and General Motors Co.

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