NEW YORK - Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.
The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to “increase significantly in the foreseeable future” and it “may not achieve profitability.” Uber lost $3.03 billion in 2018 from operations. Uber set a placeholder amount of $1 billion but did not specify the size of the IPO. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion.
Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model.
reutersf So it's like owning a pet rock, except it costs a lot more & isn't even remotely cute?
reutersf Why would anyone invest in a company with no reasonable expectation of ever making a profit? Really reminds you what a gambling pit the stock market really is.
reutersf ONE HUNDRED BILLION valuation 🤣🤣🤣 it seems like some kind of fraud to me. The only hope is that some other mug is prepared to buy the shares at an even higher price.
reutersf It very likely won’t ever make a profit. Pricing is heavily subsidized by private equity investors today and barriers to entry are low.
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Source: CNN - 🏆 4. / 95 Read more »
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