Economy

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

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

Lyft supporters gather for the Lyft IPO as the company lists its shares on the Nasdaq in the first-ever ride-hailing initial public offering, in Los Angeles, California, U.S., March 29, 2019. Uber reported year-over-year revenue growth of 42 percent to $11.3 billion in 2018 and gross bookings of $49.8 billion, but said it lost $1.8 billion, excluding some transactions.

Drivers can also buy Uber stock at the IPO price - a whole program is set up, with an option to use their reward money toward a stock purchase. An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014.

By registering its public offering on Thursday, Uber aims "to price its IPO and begin trading on the New York Stock Exchange in early May", Reuters reported. When you go somewhere do you Lyft? Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft Inc's shares following its IPO late last month, the sources said. Analysts consider building scale at a critical mass is crucial in order for Uber's business model to become profitable.

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In addition to answering questions about the company's finances, Uber 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.

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.

Uber said its market share fell in most regions previous year, although the rate of decline has slowed. Drivers in good standing who have completed 2,500, 5,000, 10,000, or 20,000 lifetime trips as an Uber driver will receive the corresponding cash reward.