Uber preps for IPO
Uber has released financial details ahead of a public offering in the US.
The long-awaited look inside the leading rideshare app reveals Uber has 91 million users, who have collectively booked $US50 billion worth of rides, but the company reports a loss of $US3.3 billion.
Uber filed the reports with the US Securities and Exchange Commission ahead of its listing on the US share market, at which it plans to sell around $US10 billion worth of stock at a valuation of between $US90 billion and $US100 billion.
But the company admitted in its filing that operating expenses would “increase significantly in the foreseeable future”, warning that it “may not achieve profitability”.
Uber is now embarking on a string of investor roadshow presentations, at which its chief executive Dara Khosrowshahi will have to convince investors that he has successfully changed the company.
Its reputation has taken battering in recent years, including sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.