Uber files for IPO even as it continues to lose money

Uber reportedly plans to sell $10 billion worth of stock in an initial public offering in May.                  Getty Images

Uber past year had revenue of $11.3 billion, while gross bookings from rides was $50 billion.

Uber's float will be the largest since Alibaba, the Chinese ecommerce conglomerate, listed on the Nasdaq exchange in 2014, raising a record $25 billion.

Additionally, social media company Pinterest, a company losing money as well, has set a price range for its public offering below its last valuation.

"Such technologies may fail to perform as expected, or may be inferior to those developed by our competitors", said the company in the IPO Prospectus.

"The outlook for growth is weak and the outlook for profits potentially still weaker".

Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business.

"Our continued success will come from stellar execution and the strength of the platform we have worked so hard to build", said CEO Dara Khosrowshahi in a letter in the filing.

After making the public filing, Uber will begin its investor roadshow presentations from April 29.

Lyft shares on Friday fell to the lowest level since going public after rival Uber officially filed to go public the evening prior, underscoring a fundamental concern about competition Wall Street analysts have cited for weeks. Its offering is being led by Morgan Stanley and Goldman Sachs.

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That income has been dwarfed by the company's losses, according to a document required by the SEC for public offerings from companies based in the U.S. Uber has a total deficit of $7.9 billion - with losses of $3 billion in 2017 and $4 billion in 2018. Uber expected to raise about $10 billion at a valuation of $90 billion to $100 billion.

Revenue growth also slowed.

The essence of Uber's pitch is despite having $11 billion in annual revenue and a valuation in a rarefied zone, it's just getting started. But revenue in 2017 had more than doubled from 2016. It shortened its name to Uber in 2010, distancing itself from the taxicab industry, which has criticized the company for operating under less regulation than the traditional taxi industry. It also reported that more than 91 million people use one of Uber's services at least once a month and its drivers complete more than 14 million trips a day.

There have many numerous instances over the years of Uber drivers assaulting their passengers, and the company warns there is likely to be more in the future.

At the same time, Uber's spending continues to rise, reaching US$14.3 billion a year ago, up 19per cent from 2017.

That means Uber Eats food purchases, which accounted for 18 percent of Uber's total transactions in the fourth quarter, plus the still relatively tiny business from Uber's rented bicycles and scooters and its work as a middleman for freight deliveries - which combined were less than one percent of total transaction value.

Uber has spent more than $1 billion on autonomous vehicle technology to compete with Alphabet Inc., Apple Inc. and General Motors Co.

Uber launched in 2009 as UberCab, a black auto service where customers could hail professional drivers with a few taps on a smartphone.

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