Uber finally unveils its highly anticipated IPO filing

12 April, 2019, 07:12 | Author: Mary Valdez
  • Uber plans to make its IPO registration with the US Securities and Exchange Commission publicly available later this week

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 per cent increase from $7.9 billion in 2017.

The breakdown shows Uber has been generating the robust revenue growth that entices investors, but also racked up almost $8 billion in losses since its inception.

The company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May. Started in 2009 after its founders struggled to get a cab on a snowy night, Uber has changed the way millions of people travel and commute but continues to lose money.

The U.S. ride-hailing giant filed with an initial offering amount of $1 billion, typically a placeholder amount used to calculate fees that will change.

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Among other things, Uber revealed the U.S. Justice Department is conducting a criminal investigation into a yearlong cover-up of a massive computer break-in during 2016 that heisted personal information belonging to millions of passengers and drivers.

Uber CEO Dara Khosrowshahi acknowledged the self-inflicted wounds that damaged the ride-hailing service's reputation while trying to make the case that the company has rehabilitated itself since he took over 18 months ago. But its 2018 operating loss was just over $3 billion, down from the $4 billion net loss it incurred in 2017.

Uber will follow Lyft Inc in going public. Uber said it spent $14.3 billion in 2018.

Uber Technologies Inc. filed for an initial public offering, starting the clock on what's expected to be the biggest US listing this year. Since then, the stock has fallen to US$61.01 per share, sinking its market value to US$17.4 billion. 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. However, Lyft's shares dropped significantly in its early days of trading, with the stock falling below its IPO offering price of $72. The company is also considered a forerunner in ongoing efforts by tech leaders to develop autonomous vehicle technology, though Uber suffered a significant setback a year ago when one of its vehicles fatally struck a pedestrian in Arizona.

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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