Economy

Uber reveals finances as it gears up for IPO

Uber reveals finances as it gears up for IPO

Uber's projected valuation would be higher than its most recent private valuation of $76 billion, but less than its rumored $120 billion target-likely a recalculation due to Lyft's slow entrance to the public market.

Uber's offering is expected to be the largest U.S. IPO this year and among the 10 largest of all time, and a person familiar with the matter said the company is seeking to raise about $10 billion.

The company is expected to begin trading on the New York Stock Exchange under the ticker UBER as early as May. The company said it sustained an operating loss of $3 billion.

Uber in 2018 had revenue of $11.3 billion, up around 42 percent over 2017, again below the 106 percent growth the prior year. Started in 2009 after its founders struggled to get a cab on a snowy night, Uber has changed the way millions of people travel and commute but continues to lose money.

Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.

Uber and Lyft signs are seen on a vehicle in Redondo Beach, California, U.S., March 25, 2019. The filing did not specify the size of Uber's IPO, but multiple reports suggested the company would seek a valuation of $100 billion or more.

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Uber CEO Dara Khosrowshahi acknowledged the self-inflicted wounds that damaged the ride-hailing service's reputation while trying to make the case that the company has rehabilitated itself since he took over 18 months ago.

Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.

Uber could finally start going public on Thursday-and the company hopes to achieve one of the biggest tech IPOs in history.

Most of the shares sold would be issued by the company, while a smaller portion would be owned by investors cashing out, one of the sources said.

A representative for Uber declined to comment.

In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years. The app is active in more than 700 cities, with drivers completing more than 14 million trips per day. The company is also considered a forerunner in ongoing efforts by tech leaders to develop autonomous vehicle technology, though Uber suffered a significant setback past year when one of its vehicles fatally struck a pedestrian in Arizona.