Uber reveals IPO with warning it may never make a profit
14 April, 2019, 20:11 | Author: Regina Silva
In its filing, Uber said it made a profit of US$997 million past year, largely from selling parts of its business in places like South-east Asia and Russian Federation. Passengers for both companies whine about earnings, and they can easily switch which makes it hard for either company keep passengers fares and to further reduce driver expenses. Lyft revealed losses of $1 billion in 2018 on significantly smaller revenues than Uber, generating $2.1 billion that year.
In 2017 Uber's toxic culture resulted in a campaign that saw hundreds of thousands of people delete their accounts, an issue that is addressed in their IPO.
The insightful document doesn't reveal Uber's planned share price or the date in which shares will be available to purchase.
"Lyft shares continue to be weak as many investors we have spoken with have worries about Uber's impending S-1 and roadshow which could be a dark shadow over Lyft's stock in the near-term", said Daniel Ives, an analyst at Wedbush Securities.
The company is on its way to price its IPO and start trading on the New York Stock Exchange in early May.
Going public doesn't guarantee the company will make money.
Uber faces questions over how it will navigate any transition toward self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model. It shortened its title in 2010 to Uber, distancing itself in the taxicab industry, which has been criticized the company for facing regulation compared to the cab industry.
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And the company is investing heavily in businesses in areas such as food delivery and scooters.
But Uber faces challenges that Lyft doesn't because of a series of damaging revelations that sullied its reputation among consumers. The setbacks have included rampant internal sexual harassment and allegations it stole self-driving vehicle technology.
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. Now it'll be up Dara Khosrowshahi, to Kalanick's successor, to convince investors who Uber has cleaned up its act and merits a market value higher than Ford Motor and General Motors combined. It may also opt to reduce driver incentives in select cities to increase returns, executives said. It launched its first self-driving test vehicle in 2016 and its self-driving auto division has more than 1,000 employees, and it has built more than 250 self-driving cars so far.
However, it frozen testing when previous year one of its vehicles that were self-driving struck and killed a pedestrian at Arizona.
The decade-old company also warned that it may fail to develop and successfully commercialise autonomous vehicle technologies and expected that its competitors would develop such technologies before it.
The parent firm of Google, alphabet, owns 5 percent of the company as it competes with Uber on self-driving technology. Officials also possesses approximately 5 percent of Uber equal Lyft's inventory.
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