Uber files for long-awaited stock offering

An Uber driver using the Uber app on her phone

Uber filed for its IPO in December with the US Securities and Exchange Commission during the same week as Lyft. Here are five things we learned from it. The company also said its technology for matching supply and demand is relevant to vehicle rides, scooter trips, restaurant meal orders and shipping bottles of water across the U.S.

To lessen the surprise of its losses when it did finally go public, Uber has disclosed its quarterly results for two years even though, as a privately held company, it was not obligated to do so.

Uber has finally let us peek inside its business. The Uber filing gave the first comprehensive financial picture of the ride-hailing and transportation services company.

The world's largest taxi-hailing company revealed that it made a $3 billion operating loss previous year as it published the prospectus for its initial public offering (IPO). That profit was driven primarily by the sales of assets in Southeast Asia and Russian Federation, as well as an increase in the estimated value of its stock in China's largest ride-hailing company, Didi Chuxing.

Buzz over Uber planning to go public comes amid protests across the globe sparked by the company. However, its shares dropped by more than 7 percent after Uber's valuation news hit the market.

Lyft's IPO priced at the top end of its upwardly revised range last month, assigning it a valuation of more than $24 billion in an offering that raised $2.34 billion.

Uber will list on the New York Stock Exchange using the ticker symbol UBER.

Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.

"Some of the attributes that made Uber a wildly successful startup - a fierce sense of entrepreneurialism, our willingness to take risks that others might not, and that famous Uber hustle - led to missteps along the way", Khosrowshahi wrote, closing his letter by assuring he will run Uber with integrity. The company said it lost hundreds of thousands of users in just a few days during a #DeleteUber social media campaign that year.

"They're showing that they're capable of controlling their costs, which has been a concern of ride sharing companies in general", said SharesPost analyst Alejandro Ortiz.

Former Expedia CEO Dara Khosrowshahi took over management of Uber in 2017 and has aimed to restore the company's standing with a more cautious approach to safety issues and acknowledgment of the company's faults. "Uber has become a verb".

The company said in its filing that it meant to award cash bonuses to more than 1.1 million drivers in the United States.

The biggest winners from Uber's public offering will be its founders and early investors, who own large chunks of company stock.

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