The positive result stemmed from a windfall that Uber generated from the sale of its operations in Russian Federation and Southeast Asia. Drivers for both companies whine about wages, and they're able to easily change making it hard for either company maintain passengers fares and to reduce driver expenses. In the IPO documents, Uber mentions the competitive pressure it has been facing here in both ride-sharing and food-delivery business from Ola, Zomato and Swiggy, and that they may have the advantage of being a local player.
Uber will begin its IPO roadshow next week with shares hitting markets in May.
Although Uber has not announced its official price range per share, the company has already raised nearly $20bn in investment rounds, totaling Uber's valuation at nearly $120bn.
Despite operating on six continents and having booked more than 10 billion trips, Uber still accounts for less than one percent of all miles driven globally.
As Uber continue to prioritise growth over profits, the ride-hailing giant's revenue has plateaued.
Uber launched as a vehicle service where customers are able to hail drivers with a couple taps on a smartphone as UberCab, in 2009. 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.
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Uber is also expanding in other markets such as freight while offering other ways to get around with shared scooters and bikes. TOI previously reported Uber was looking to sell its food delivery business to Swiggy here, but the talks have paused for now due to regulatory and tax complexities.
But Uber faces challenges that Lyft doesn't because of a series of revelations that sullied its reputation. The setbacks have included rampant internal sexual harassment and allegations it stole self-driving auto technology.
Travis Kalanick, the former CEO who stepped under stress in 2017 in the board, is one of Uber's biggest shareholders, owning nearly 9% of the company's stock. Now it will be up to the successor, Khosrowshahi of Kalanick, to convince investors who Uber has cleaned up its act and values that a market value greater than Ford Motor and General Motors combined. It may also opt to reduce driver incentives in select cities to increase returns, executives said. It established its very first test automobile that was self-driving in 2016 and its own auto division has more than 1,000 employees, and more than 250 cars have been built by it so far.
However, it frozen testing when a year ago one of its vehicles that were self-driving struck and killed a pedestrian at Arizona. The company resumed testing self-driving automobiles. The company also warned that potential future regulations or increases in insurance costs could impact the autonomous vehicle business.
Alphabet, Google's parent company, owns 5% of the business as it competes with Uber on technology. It comes as rival Lyft has struggled after going public earlier this month, as investors question whether it can actually make money.