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Monday, March 25, 2019

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Uber files for IPO


Friday, March 15, 2019

Uber, on the heels of Lyft’s official documentation for its initial public offering, is expected to file its S-1 in April, Reuters reports. Uber, in December, filed confidential paperwork for its IPO.

Uber will also reportedly kick off its IPO roadshow next month. As part of its offering, Uber is also expected to reward some of its more active or long-time drivers with a cash award.

About a month ago, Uber reported $3 billion in Q4 2018 revenues with net losses of $865 million. That figure, however, was aided by a tax benefit that saved the company from reporting a $1.2 billion net loss in the period. On an adjusted, pro-forma basis, Uber’s net loss in the final quarter of 2018 was a slimmer $768 million.

The figures were an improvement of sorts. The firm reported a pro-forma net loss of $939 million in the preceding, third quarter of 2018, but also reported a smaller pre-tax net loss of $971 million. Regardless, Uber’s stiff losses continued in the quarter. On an annual basis, Uber’s revenues came in at $3 billion while losses came in at $1.8 billion for 2018, compared to $2.2 billion in 2017.

Competitor Lyft filed its S-1 earlier this month, reporting $2.2 billion in revenue and nearly $1 billion in losses in 2018. In its S-1, Lyft outlined its program to give a maximum cash bonus of $10,000 to drivers “in good standing” who have completed at least 20,000 rides as of February 25, 2019.

Uber declined to comment on this story.

By: DocMemory
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