Markets

Uber Lowers IPO Valuation After Posting Sizable $1 Billion First-Quarter Loss

Uber Lowers IPO Valuation After Posting Sizable $1 Billion First-Quarter Loss

The company said in a regulatory filing it plans to sell 180 million shares in the initial stock offering for between $44 and $50 apiece.

The valuation on Uber is notable because it values the company higher than a long list of prominent established US companies. That's one of the many issues likely to be raised by potential investors as Uber shops around its stock in a customary pre-IPO "roadshow". The filing puts Uber on track to make its trading debut in May on the New York Stock Exchange in what is expected to be the biggest IPO of the year in the United States.

"It was very prudent of them to reduce the price", John Jannarone, the editor-in-chief of the financial news site IPO Edge, told Cheddar on Friday. "There is no doubt that Lyft is a factor in Uber's valuation". Its revenue totalled $11.3 billion in 2018, which was a 42 per cent increase from $7.9 billion in 2017, and far above its $495 million revenue in 2014.

The IPO targets were announced shortly after Uber confirmed a $1 billion loss for the first quarter of 2019, on revenue of roughly $3 billion.

"There are really a lot of questions here that the company has got to answer if we are ever going to get to profitability", Jannarone said.

Firmino an injury worry for Liverpool ahead of Barcelona
Klopp said he agreed with Guardiola that both teams deserved to win the Premier League but that there could be just one champion. The Terriers have lost 27 league matches so far this season. "We don't only play for being champion at the end of the season".

He also confirmed PayPal's $500 million private placement to Uber, saying this investment is "another significant milestone on our journey to be a platform partner of choice, helping to enable global commerce by connecting the world's leading marketplaces and payment networks".

Seen as a behemoth in the space, Uber completed 14 million rides a day in 2018, driving customers 26 billion miles, according to the company's SEC filing.

The development of a more robust digital payments service could accelerate Uber's ambitions to become a "superapp" for a variety of logistics and transportation services, and give the company more opportunities in underbanked regions such as Latin America.

But Uber also showed impressive growth.


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