Uber IPO Filing Shows $10 Billion in Operating Losses Since 2016

Uber CEO Dara Khosrowshahi.                  James Martin  CNET

The ridesharing company will seek to sell roughly $10 billion in stock, according to a Reuters report, which also confirmed the expected timing of the IPO registration.

The blowback from the problems helped Lyft pick up ground in the US - something Uber acknowledged in its filing - and led to the ouster of Uber co-founder Travis Kalanick as CEO in 2017.

Uber's revenue totaled $11.3 billion in 2018, a 42% increase from $7.9 billion in 2017, and a giant leap from $495 million in 2014. However, it also lost $1.8 billion in 2018, as measured by EBITDA, a profitability metric.

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

Among other things, Uber revealed the U.S. Justice Department is conducting a criminal investigation into a yearlong cover-up of a massive computer break-in during 2016 that heisted personal information belonging to millions of passengers and drivers. "Just a small percentage of people in countries where Uber is available have ever used our service", Dara Khosrowshahi, the company's CEO, wrote in the SEC filing.

Uber will follow Lyft in going public. Short interest in the stock now stands at almost 43 percent of free float, according to financial analytics firm S3 Partners, and last week IHS Markit said it was the most expensive bearish bet in the USA equity market.

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Since its launch in 2009, it has aimed for global dominance of the ride-hailing industry through a cash-burning strategy of investor-subsidised fares and expanded its business in recent years to include food delivery, self-driving vehicles and alternatives to auto transport such as bikes and scooters.

Uber's projected valuation would be higher than its most recent private valuation of $76 billion, but less than its rumored $120 billion target-likely a recalculation due to Lyft's slow entrance to the public market. It has, however, struggled to stem its billions of dollars of losses and has been forced to exit some markets, caving to competition from local rivals.

Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft's shares following its IPO late last month, the sources said.

But it suspended testing when one of its self-driving vehicles struck and killed a pedestrian in Arizona a year ago.

Alphabet, the parent company of Google, owns 5per cent of the company, even as it competes with Uber on self-driving technology.

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