Uber files for IPO, says 'may never make profits'

Uber plans to sell around $10 nn worth of stock in IPO, say sources

Uber's IPO Registration Is Finally Happening--With an Expected $100 Billion Valuation

The much-anticipated market debut is expected to be the biggest IPO in years. Shares will begin trading from May on the New York Stock Exchange.

The ride-share company plans to sell $10 billion in stock.

"Mr. Kalanick was selected to serve on our board of directors because of his experience as one of the co-founders and early leaders of our company, and as such, his extensive knowledge of our business, and his innovation, technology, and high-growth experience, as well as his consumer and digital experience", Uber said in an S-1 filing declaring its intention to go public.

Despite an expected value of almost US$100bn, the company is said to be losing some US$1.8bn/y. It also revealed invaluable information about Uber's past operations.

Uber said it operates on six continents with about 14 million trips per day and has totaled more than 10 billion rides since it was founded in 2010. The non-EBITDA net income, however, is an impressive turnaround compared to its 2017 full-year loss of more than $4 million.

Seeking to allay market concerns that have hammered Lyft's stock, Uber said it swung to a profit of almost $1 billion last year, up from a $4 billion loss in the year prior, driven largely by the sale of assets connected to Uber's transactions with Grab and Yandex, and an unrealized gain on investments. Uber lost $1.8 billion in 2018, excluding some transactions, The New York Times reports.

Seemingly chastened by Lyft's experience, Uber is expected to aim for a lower valuation, as well as a more generous initial price.

Uber has expanded to include services like Uber Eats, a food delivery platform, and Uber Freight, which creates an on-demand marketplace for shippers and carriers.

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Kerry responded that "we are complicit" as long as nothing is done to stem climate change. Another witness, former Secretary of Defense Chuck Hagel said, "Yes".

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

The last thing Uber Technologies wants is to "do a Lyft" when it IPOs in May.

Shares in its smaller rival closed at $US61.01 on Thursday, 15 per cent below its initial public offering (IPO) price set late last month, a development that was a chilling signal for other tech start-ups looking to go public.

More than 60,000 drivers have filed or told Uber that they intend to file arbitration cases against the company, claiming that they were misclassified as independent contractors, the company said.

Uber filed for its IPO in December with the US Securities and Exchange Commission during the same week as Lyft.

"Uber accounts for less than 1% of all miles driven globally", he wrote in an accompanying letter to investors.

"There's no discernable way these companies are valued". Uber also owns parts of multiple on-demand ride companies around the world, including Didi Chuxing in China and Russia's Yandex.

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