Uber files for IPO, discloses $1.8B loss in 2018

Uber reportedly plans to sell $10 billion worth of stock in an initial public offering in May.                  Getty Images

Uber reportedly plans to sell $10 billion worth of stock in an initial public offering in May. Getty Images

Uber continues to be heavily loss-making despite its significant growth and expansion into new businesses, the taxi app has revealed as it filed to go public in NY. It did report income of $997 million previous year on revenue of $11.3 billion. Uber lost $3.03 billion in 2018 from operations.

Uber's float will be the largest since Alibaba, the Chinese ecommerce conglomerate, listed on the Nasdaq exchange in 2014, raising a record $25 billion.

Uber said it operates on six continents with some 14 million trips per day and has totalled more than 10 billion rides since it was founded in 2010. That will come before executives head out on a so-called road show created to drum up interest in the IPO among institutional investors who will be given the first opportunity to buy the stock before it begins trading on the New York Stock Exchange next month.

Uber, which has previously made public some of its financial results, disclosed further details in its filing. Lyft increased the number of shares that were sold and priced them at $72 per share - the top of an elevated range - then watched as they jumped 21 percent at the opening bell.

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At his final physical exam on January 21, however, that plan fell apart when Nelson was asked if he had sickle cell anemia. The town's mayor says Nelson was a role model who also served in the Army Reserve for 20 years.

Lyft Inc. shares took yet another nosedive on Wednesday amid reports that larger rival Uber Technologies Inc. could be filing for an initial public offering as soon as Thursday.

"Uber accounts for less than one percent of all miles driven globally".

In addition to questions about its finances, Uber Chief Executive Dara Khosrowshahi will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving auto division. The company also warned that potential future regulations or increases in insurance costs could impact the autonomous vehicle business. The group has over 1,000 employees working in engineering offices in Pittsburgh, San Francisco, and Toronto.

"We revolutionized personal mobility with ridesharing, and we are leveraging our platform to redefine the massive meal delivery and logistics industries".

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