Uber Technologies Inc on Thursday revealed its initial public offering (IPO) filing, saying more than 90 million riders used the service worldwide while warning it may never make a profit due to pressure from rivals. Uber lost $3.03 billion in 2018 from operations.
Documents filed with the USA regulator the Securities and Exchange Commission show that it made a small profit a year ago, but this was because of the sale of businesses in Asia.
Aside from its flagship ride-sharing app, the company operates a food delivery service called "UberEats", which earned $1.5 billion in revenue a year ago, and a shipment fulfillment segment called "Uber Freight". The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May. Investment bankers previously told Uber it could be worth as much as $120 billion.
Shares of recently listed Lyft Inc fell to a fresh low and closed the day down nearly 11 percent on Wednesday on news that rival Uber Technologies Inc was close to filing its own initial public offering.
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Uber's revenue totaled $11.3 billion in 2018, a 42 per cent increase from $7.9 billion in 2017.
Former Expedia CEO Dara Khosrowshahi took over management of Uber in 2017 and has aimed to restore the company's standing with a more cautious approach to safety issues and acknowledgment of the company's faults.
Uber said its market share fell in most regions past year, although the rate of decline has slowed.
In identifying potential risks for its public filing, Uber acknowledged that it has "incurred significant losses since inception". On Tuesday, Lyft's shares closed at $67.44.
Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.