Uber Plans to Go an IPO

The company said in the filing that it lost US$1.8 billion a year ago, excluding certain transactions, on revenue of US$11.3 billion.

Revenue growth has also slowed.

In an effort to reward long-time drivers, Uber said it would give drivers "a Driver appreciation reward" in an amount equal to $100 for 2,500 rides, $500 for 5,000 rides, $1,000 for 10,000 rides, or $10,000 for 20,000 rides. That has likely influenced Uber's IPO, in which the company aims to sell around $10 billion worth of stock.

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.

"In my opinion if you are buying into Uber or Lyft you're buying into a belief this is going to revolutionize transportation in the future". Its rival Lyft went public on March 29th at $72 a share; its share price has since fallen 11 percent to $61.01 at the close of trading today.

It is expected to see the public IPO files for Uber IPO already on April 11 when all important details regarding the upcoming IPO will become available to investors and interested parties. Uber applied to list its common stock on the New York Stock Exchange under the symbol "UBER".

Uber highlighted Seattle's landmark law that allows drivers to unionize as an example of legislation that could force the company to "modify our business model in those jurisdictions as a result".

Last year, the ride-hailing giant settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit.


"Use of cash could increase the security risks for drivers and riders, including potential robbery, assault, violent or fatal attacks, and other criminal acts", Uber said.

Uber is providing a look under the hood of its own company in the lead-up for the anticipated debut on the stock market, showing powerful growth but an ongoing struggle fix its reputation and to overcome enormous losses.

Travis Kalanick, the former CEO who stepped under stress in 2017 in the board, is one of Uber's biggest shareholders, owning nearly 9% of the company's stock.

In addition to answering questions about Uber's finances, CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years.

That history that is unprofitable could force its costs to be finally raised by Uber unless it can reduce its costs by shifting to driverless cars or expand to other markets and lines of business.

A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days.

Analysts argue that, that side of the business has rapidly gained market share and has established itself as a key part of the overall group, so it makes sense for bosses to plough more money into it. The company claims more than 65 percent market share in the United States and Canada, versus Lyft's stated 39 percent in the United States.


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