Uber reveals finances as it gears up for IPO

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 could finally start going public on Thursday-and the company hopes to achieve one of the biggest tech IPOs in history.

"Our mission is to ignite opportunity by setting the world in motion", said the document filed with the Securities and Exchange Commission.

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 is also the latest Silicon Valley startup to IPO this year and follows a trend of unprofitable companies, such as Lyft and Pinterest, to go public. 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.

Across its businesses, Uber had gross bookings of $49.8 billion for the year, which is to say, Eats is still a smart part of the company's overall business. But its 2018 operating loss was just over $3 billion, down from the $4 billion net loss it incurred in 2017. Uber discloses its "core platform contribution profit", a hand-selected metric meant to show the revenue of its two main businesses minus some of the driver incentives, legal costs and other stuff.

Arsenal must make home advantage count against Napoli, says Lacazette
Pierre-Emerick Aubameyang is in line for a recall to the Arsenal starting line-up after being used off the bench in the past two games.

Uber revealed in the filing it could have to pay a license fee to Waymo or face a substantial delay to the development of its self-driving technology if the initial assessment of its technology by an independent expert is confirmed. Uber expected to raise about $10 billion at a valuation of $90 billion to $100 billion.

Even though Uber and Lyft both submitted their confidential IPO filings to the SEC on December 6, 2018, Uber's decision-makers are reportedly able to learn from Lyft's mistakes, according to Bloomberg.

Uber set a placeholder amount of $1 billion but did not specify the size of the IPO. Uber declined to comment for the report which cited unnamed people familiar with the matter.

The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May.

Stateside, the aforementioned Los Angeles strike had participants who drive for both Lyft and Uber.

USA airport-security head named as No. 2 Homeland Security official
Asked whether he might keep him on permanently, Trump said he likes McAleenan "a lot" and that it "could happen". The president added: "It would be so great if you write a straight story and let the world know".

Kalanick, 42, holds a roughly 8% stake in Uber and still sits on the company's board of directors.

One advantage Uber will likely seek to play up to investors is that they are the largest player in numerous markets in which it operates.

Uber said in its filing its ridesharing 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.

Uber is also expanding in other markets such as freight while offering other ways to get around with shared scooters and bikes.

International Scientific Teams Unveils First Photo of Black Hole
Most black holes are the condensed remnants of a massive star, the collapsed core that remains following an explosive supernova. And it could change our view of the universe, revealing some of its most mysterious and fundamental processes.

Latest News