Uber Unveils IPO Filing Amid Caution

An Uber driver using the Uber app on her phone

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. Uber's revenue totaled $11.3 billion in 2018, a 42% increase from $7.9 billion in 2017.

Uber wants a valuation of as much as $100 billion, which would make its issue second in size only to Alibaba's 2014 debut with a $169 billion valuation, reported The Wall Street Journal.

The last thing Uber Technologies wants is to "do a Lyft" when it IPOs in May. This week, Pinterest, the digital pin board company that also is losing money, set a price range for its public offering that values it below that of its last private market peg.

"The outlook for growth is weak and the outlook for profits potentially still weaker". Morgan Stanley, Goldman Sachs, Citigroup, Bank of America Merrill Lynch, Barclays, Allen & Company, among others are underwriting the offering.

Ahead of an initial public offering scheduled to be kicked off as early as in early May, ride hailing giant, Uber Technology Inc., had chose to sell a lump-sum of $10 billion worth of stocks at its public appearance debut, at least two people familiar with the subject matter had unveiled on Tuesday, the 9th of April 2019. In the fourth quarter of 2018, Uber generated $2.54 billion in adjusted net revenue, with $2.31 billion of that coming from ridesharing. But the bad news is that Uber has racked up almost $8 billion in losses since its inception. It also revealed invaluable information about Uber's past operations. And the company's customer base is huge and growing: the filing revealed Uber had 91 million users on its platforms at the end of 2018.

There have many numerous instances over the years of Uber drivers assaulting their passengers, and the company warns there is likely to be more in the future. A number that is up 33.8% from previous year and almost five times the 18.6 million announced by Lyft.

Uber launched in 2009 as UberCab, a black auto service where customers could hail professional drivers with a few taps on a smartphone.

Silicon Valley tech workers were quick to embrace Uber, but it wasn't until around 2013 that the service took off more broadly.

Although it is a privately held company, Uber also disclosed its quarterly results for two years "to bring in clarity and visibility". Uber thinks dockless e-bikes and scooters could drastically reduce passenger vehicle trips under three miles, but also acknowledges that it wields little control over the complex supply chain associated with bikes and scooters. SoftBank amassed a 16.3% stake in the company since December 2017. Uber says it is on a "new path forward" under the leadership of CEO Dara Khosrowshahi; the phrase is repeated a total of seven times in the document. Despite rides being Uber's original business and accounting for the vast majority of its sales, the company spends big chunks of its IPO document talking about everything else. It has also invested in Uber Eats and is beefing up Uber Freight, its long-haul-trucking division. It recently acquired Careem, its primary rival in the Middle East, for US$3.1 billion, partly to help ease a fierce price competition in the region.

The company said in its prospectus that the possibility it may someday be forced to recognize its drivers as employees was an existential threat to its business.

Uber has finally let us peek inside its business. Both Lyft and Uber have been hit by accusations of underpaying and overworking their drivers, and have been the subject of protests in major cities.

To Uber's credit, it is firing off a cannon-sized number of metrics at investors.

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