Lyft shares hit new low as Uber IPO chatter revs up

Jermaine Castillo
April 14, 2019

Both Uber and Lyft lose money though Uber has trimmed its losses in recent years. It reportedly plans to sell about $10 billion worth of stock, which would make it one of the largest United States tech IPOs ever coming in at an anticipated $120 billion.

In the end, Uber is widely expected to be the biggest technology IPO since Chinese e-commerce giant Alibaba Group went public in 2014.

Back in December, the company filed a confidential S-1 with the Securities and Exchange Commission, hinting that it could go public sometime in the first half of 2019.

Uber did not disclose in the filing the valuation it is seeking from public investors; it was last valued at US$76 billion in the private market.

Chinese woman arrested at Trump's Florida resort to remain in custody
Agents say she wasn't on the membership list, but a club manager thought Zhang was the daughter of a member. There is no indication Zhang was ever near the president, who was at his nearby golf course at that time .

The offering, which could value Uber at around US$100 billion, is expected to reverberate through global financial markets and to solidify the company's position as one of the most consequential technology firms of the past decade. Lyft's IPO had excited investors for months, especially after the company increased its IPO share price range. It did report income of $997 million previous year on revenue of $11.3 billion. It lost $3.3 billion a year ago, excluding one-off gains, while Lyft lost $911 million for 2018.

"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 massive filing shows Uber has been generating the robust revenue growth that entices investors, but also racked up almost $8 billion in losses over its 10 years in existence, which mirrors the same trend challenging Lyft, Uber's main rival in the U.S.

Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached. Pinterest declined to comment. Uber Freight, meanwhile, has grown to over $125 million in revenue for the last quarter of 2018.

Scientists Reportedly Capture the First Image of a Black Hole
Scientists are hoping that the image will help them to understand Einstein's theory of general relativity and quantum mechanics. Rather like a black hole for dollar bills. "Yet, with more observations like this one, they are yielding their secrets", Dr.

In a regulatory filing, Uber said it will list its shares on the New York Stock Exchange under the symbol "UBER".

Uber said it plans to give bonuses to qualified drivers and is setting aside an undisclosed portion of its stock for drivers to buy.

Uber said in its IPO document that people who take rides from the company and also use its restaurant delivery business did more trips than people who used just one of those services.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving vehicle project took with him thousands of confidential documents.

British MPs pass law to block no-deal Brexit
The prime minister met with President Macron in Paris this afternoon, ahead of the EU Council meeting tomorrow. She said: "We will need to look at why it is that we spent billions of pounds on no deal".

- Travis Kalanick, Uber's founder, owns 8.6%.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER