Uber files for IPO

Uber has filed its S-1, setting the stage for the transportation company to go public next month. This comes less than one month after competitor Lyft’s debut on the public market.

Uber is listing under the New York Stock Exchange under the symbol “UBER,” but has yet to disclose the anticipated initial public offering price. While Uber did not disclose the valuation its seeking, the company is reportedly looking to sell around $10 billion worth of stock, valuing the company between $90 billion and $100 billion.

In the filing, Uber reported 2018 revenues of $11.27 billion, net income of $997 million and adjusted EBITDA losses of $1.85 million. Though, we knew this thanks to Uber’s previous disclosures of its financials.

But this is not the first time we’ve seen Uber’s financials. Over the last couple of years, Uber has willingly disclosed many of these numbers. Its last report as a private company came in February when Uber disclosed $3 billion in Q4 2018 revenue with rising operating losses.

From ridesharing specifically, Uber’s revenues increased from $3.5 billion in 2016 to $9.2 billion in 2018, with gross bookings hitting $41.5 billion last year from ridesharing products.

Competitor Lyft filed its S-1 documents in March, showing nearly $1 billion in 2018 losses and revenues of $2.1 billion. It reported $8.1 billion in booking, coverings 30.7 million riders and 1.9 million drivers. About a week later, Lyft set a range of $62 to $68 for its IPO, seeking to raise up to $2.1 billion. Since its debut on the NASDAQ, Lyft’s stock has suffered after skyrocketing nearly 10 percent on day one.

In the past year, Uber has expanded into the real of micromobility, which it refers to as personal mobility in its S-1. Last year, Uber estimates people traveled 4.7 million miles in trips under 30 miles across 63 countries.

Developing…

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