Uber plans to sell $10 billion stock in IPO

Uber plans to sell $10 billion stock in IPO

Uber Technologies Inc. filed for an initial public offering, starting the clock on what's expected to be the biggest USA listing this year.

The company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May.

The world's largest taxi-hailing company revealed that it made a $3 billion operating loss past year as it published the prospectus for its initial public offering (IPO). Uber reported year-over-year revenue growth of 42 percent to $11.3 billion in 2018 and gross bookings of $49.8 billion, but said it lost $1.8 billion, excluding some transactions.

Uber officially filed paperwork with federal regulators on Thursday, giving investors an inside financial snapshot of the global ride-hailing giant ahead of its debut on the public market this spring. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is almost five times the 18.6 million announced by rival Lyft Inc.

Among other things, Uber revealed the U.S. Justice Department is conducting a criminal investigation into a yearlong cover-up of a massive computer break-in during 2016 that heisted personal information belonging to millions of passengers and drivers. The company is expected to try to raise roughly $10 billion and seeks a market value of $90 billion to $100 billion, according to the Wall Street Journal.

Oil rallies as US petrol inventory draw offsets crude build
Global oil demand is estimated to average 99.91 million bpd this year, compared with 98.70 million bpd in 2018, OPEC said. Oil production in the United States has risen by more than 2 million bpd since early 2018, to a record 12.2 million bpd.

"Just a small percentage of people in countries where Uber is available have ever used our service", Dara Khosrowshahi, the company's CEO, wrote in the SEC filing.

The blowback from the problems helped Lyft pick up ground in the USA - something Uber acknowledged in its filing - and led to the ouster of Uber co-founder Travis Kalanick as CEO in 2017. Investment bankers had previously told Uber it could be worth as much as $120 billion.

Aside from its flagship ride-sharing app, the company operates a food delivery service called "UberEats", which earned $1.5 billion in revenue previous year, and a shipment fulfillment segment called "Uber Freight".

"With Uber, investors will soon have a second option to make a bet on the future of mobility and transportation with the clear market share leader", Wedbush analysts said in client note. Drivers in good standing who have completed 2,500, 5,000, 10,000, or 20,000 lifetime trips as an Uber driver will receive the corresponding cash reward.

But it suspended testing when one of its self-driving vehicles struck and killed a pedestrian in Arizona a year ago.

Related News:

  • IPhone users targeted by new spyware threat

    IPhone users targeted by new spyware threat

    The new version will be rolling out within this year, in hopes that the app experience will be less buggy and more seamless. The cute little GIF heralds a new dawn for Android users, who should have automatically received the update yesterday.

    Google turns Android smartphones into account security keys

    And Google's latest solution is a similar, hardware-based approach that's actually based on the prominent FIDO2 standard. From there you need to select the option to add a security key and choose your smartphone from the list of devices.
    General Elections 2019: polling in vast swathes of country on April 11

    General Elections 2019: polling in vast swathes of country on April 11

    Nitin Gadkari is facing BJP rebel Nana Patole, who has been fielded by the Congress this time. There are 2,118 candidates for the state polls and 319 for the Lok Sabha elections .
  • Trump Recommends Herman Cain for Federal Reserve Board Seat

    Trump Recommends Herman Cain for Federal Reserve Board Seat

    At the time, Cain said the allegations were incorrect but acknowledged "he had made mistakes in my life", according to Bloomberg. Keeping inflation under control is a key mission of the Fed, and higher rates help do so by discouraging borrowing and spending.
    Scientists reveal first image ever made of a black hole

    Scientists reveal first image ever made of a black hole

    One user compared the photo to the Firefox logo, while another turned their meme into an opportunity for some political criticism. The Milky Way's black hole was too challenging to image accurately this time round due to rapid variability in light output.
    Missing Japanese F-35 Could Be A Major US Security Threat

    Missing Japanese F-35 Could Be A Major US Security Threat

    The crash marks the second time in a year an F-35 has crashed , after a Marine Corps F-35B went down in SC in October. Three Japan Coast Guard vessels have also joined the search efforts, according to the JASDF.
  • Hamilton - Ferrari hard  to judge

    Hamilton - Ferrari hard to judge

    Vettel said he is enjoying his relationship with the 21 year old, still in only his second season in F1. "It's sheer power. Ferrari might come here with an upgrade and be even quicker than they were.
    Game of Thrones Season 8 Featurettes: The Cast Looks Back

    Game of Thrones Season 8 Featurettes: The Cast Looks Back

    Game of Thrones: The End Is Coming consists of 50 songs, mostly rock and metal, but with a few others like Kanye West's "POWER" thrown in.
    Visits tracker: Nick Bosa meeting with 49ers

    Visits tracker: Nick Bosa meeting with 49ers

    With that in mind, the Ohio State defensive end chose to cut back on the kind of blunt tweets he used to deliver. Admirably, Bosa is now keeping his political opinions to himself and is strictly focused on football.
  • China considers ban on bitcoin mining

    China considers ban on bitcoin mining

    The world's largest crypto mining farms are based in China and this is because of the nation's cheap electricity. But if Bitcoin mining power spreads a bit more evenly around the globe, this threat would be diminished.
    Gantz Does Not Concede Elections

    Gantz Does Not Concede Elections

    The message was a sharp contrast from his campaign theme in which he accused Gantz of conspiring with Arab parties to topple him. His attacks on the Arab sector fueled calls for a boycott and appeared to result in relatively low turnout by Arab voters.
    Rugby Australia condemn incendiary social media post from Israel Folau

    Rugby Australia condemn incendiary social media post from Israel Folau

    There were also threats from sponsors of the Australian national team that they would withdraw support following his social media posts .


Most liked

Michael Avenatti Charged With Bank, Tax Fraud in Grand Jury Indictment
In the indictment, prosecutors allege Avenatti stole millions of dollars in settlement money from five clients. He also tweeted a signed statement from Geoffrey Johnson praising Avenatti for advocating for him.

Wendy Williams divorcing husband of 22 years
Welp, as you know, Hunter's infidelity wasn't the only thing rumored to be wrong with Williams and Hunter's marriage. On Thursday, Williams' attorney confirmed to the New York Post that the couple has split and is getting divorced.

Will F1 make it to a 2000th world championship race?
A total of 33 drivers have won at least one of the 69 Formula 1 championships that have been decided. From race one in 1950 to race 1000 this weekend ⏳. "People that are close to you, that you lose".

Black hole image released by scientists in world first
The outline of one of the universe's most compelling mysteries - a vestige, perhaps, of the big bang itself - has been revealed. Black holes are thought to be the "driving engines" of galaxies, "affecting the largest scales of the universe", she added.

Israel moon mission: Spacecraft loses contact and CRASHES on the moon
After eight years of development, Beresheet spacecraft was launched from Florida's Cape Canaveral on Friday, January 22. The Beresheet spacecraft captured this "selfie" during its landing maneuver on April 11, 2019.

US House passes ‘net neutrality’ bill unlikely to become law
Now the Save the Internet Act of 2019 will go to the Republican-controlled Senate, where it's likely to be voted down along party lines.

Prince Harry and Meghan to keep baby plans private
It includes a gourmet kitchen, a yoga studio, a room for Markle's mother, Doria Ragland, and of course a nursery for the baby. Emily Andrews, royal correspondent for The Sun , took to Twitter to share that Meghan will not be following the tradition.

Measles outbreak: NYC threatens fines for unvaccinated Williamsburg residents
Schools that don't comply face fines and closure. "But we don't control the parents, and we don't intend to control the parents". I am committed to working with the health department, the mayor, and community leaders in addressing this urgent health crisis.

Qualcomm Announces Three Snapdragon Chips to Hit the Market Mid 2019
Qualcomm reckons that the 730G is 15% faster than the standard 730, thanks to an overclocked Adreno 618 graphics processor. This particular SoC comes with several Snapdragon Elite Gaming features that are also available on the Snapdragon 855 SoC.

Mark Ruffalo shot 5 endings for 'Avengers: Endgame'
With Endgame running over three hours, Marvel seems less concerned now with runtime and more with making the best movie possible. Meanwhile, the recent " Captain Marvel " was set in 1995 and has grossed $1 billion worldwide.

US President Donald Trump laments European Union toughness on Britain after Brexit delay
He said the European Union was giving Britain six more months "to find the best possible solution" to its Brexit impasse. After all, all options from a "no-deal" Brexit to a general election to no Brexit at all remain on the table.

WhatsApp To Provide Group Admins To Power To Disallow Frequently Forwarded Messages
Now group administrator can easily check on the feature that allows admins to limit getting forwarded posts in the group as well. If the admin feels that all users in the group forward only real news, they can choose to keep it disabled.

Government sources say Sudan's President Omar al-Bashir has stepped down
At least 22 people have been killed in clashes with security forces, according to activists. Washington followed up with sanctions four years later.

Oppo Reno with 10x zoom camera goes official: Price and specifications
The phone has an all-screen design without a notch, and even the back panel is completely flat without any rear camera lens bump. It runs on Android 9.0 (Pie) with ColorOS 6.0 and is backed up by 4,065mAh battery with VOOC 3.0 fast charging support.

OnePlus 7 Pro key specifications revealed ahead of OnePlus 7 launch
The second image claims that the OnePlus 7 variant that has a model number of GM1915 will be hitting the market as OnePlus 7 Pro . The OnePlus 7 Pro doesn't feature a front camera so there is no notch while the design may have a slider for the selfie shooter.