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Uber files for initial public offering

Video Credit: Reuters Studio - Duration: 01:50s - Published < > Embed
Uber files for initial public offering

Uber files for initial public offering

Uber Technologies revealed in its IPO filing on Thursday that it has 91 million users, but said growth is slowing and it may never make a profit.

Chris Dignam has more.

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Uber files for initial public offering

Uber officially filed for its initial public offering Thursday, giving investors a detailed look at its finances and bringing the ride-hailing service a step closer to one of the biggest tech stock listings of all time.

Reuters Correspondent Carl O'Donnell reviewed the filing.

"This is going to be the largest IPO so far this year - one of the largest IPOs in history.

And it revealed for the first time the total number of users on its platform - 91 million - substantially larger than competitors like Lyft and again highlighting why it is that Uber is aiming for such a lofty valuation in its IPO." $100 billion is the valuation Uber's aiming for.

That would be roughly nine times the revenue it brought in last year, but still less than the multiple at which Lyft went public.

That debut's gotten off to a rocky start, with the stock now trading 15 percent below its offer price.

"The big task for Uber over the next several weeks is going to be to convince investors that they are going to trade better than their peer Lyft did.

Lyft IPOed last month and it's trading below its IPO price - a big disappointment for a much sought after and very fast-growing company.

Uber is gonna need to explain that given its size, given its diversity that it's a substantially better bet for investors." Both companies have the same problem: losses.

Uber lost $3 billion in 2018.

Lyft’s losses, meanwhile, swelled to $911 million the same year.

And while both companies are growing, they face an uncertain road to becoming profitable.

"It has repeated warnings that there's no guarantee that they're going to obtain near-term profitability and they - potentially - may never be profitable.

Reuters reported this week that Uber plans to sell around $10 billion worth of stock, a sign Uber is betting that investors can tolerate losses for now.



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