Uber wants to go public, but could “never be profitable”

Uber Technologies has 91 million users worldwide, but its growth slows down and could never lead to profit, according to the IPO prospectus filed Thursday by the giant of the transport services with driver at the United States Securities Commission (SEC), the Wall Street Constable.

The document unveils the financial statements of the company founded in 2009 in San Francisco by Travis Kalanick and Garrett Camp.

The document highlights Uber’s exponential growth in recent years, but also shows that a series of deals and increased competition complicate his efforts to recruit and retain drivers.

Uber warns that its operating expenses will continue to “significantly increase in the foreseeable future” and that it “may not achieve profitability”. Fiscal year 2018 resulted in an operating loss of $3.03 billion, excluding exceptional gains.

Form S-1 filed with the SEC states that at the end of 2018, Uber had some 91 million monthly active users on its platforms, including Uber Eats. This represents a growth of 33.8% compared to 2017.

The US group achieved a turnover of $11.3 billion in 2018, up 42%, after a growth of 106% the previous year.

Uber does not specify the amount of its public offer of sale. Reuters reported this week that the group hoped to raise about $10 billion for a total valuation between 90 and 100 billion.

Investment bankers had previously said Uber could be worth up to $120 billion.

The group was valued at 76 billion during his most recent round.

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