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Ride-hailing Giant Uber Files for IPO, Says ‘May Never Make Profits’

According to market sources, the company may provide a price range for its shares later this month and would go public in May

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Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

Global ride-sharing major Uber has warned in its IPO filing that the company may never make profits as its operating expenses are likely to increase “significantly in the foreseeable future”.

The company filed for its Initial Public Offering (IPO) on Thursday and would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

“We have incurred significant losses since inception, including in the United States and other major markets. We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability,” the company said in the “S-1” form or the IPO Prospectus submitted to the Securities and Exchanges Commission.

It further said that to remain competitive in certain markets, it has lowered the fares in the past and may continue to offer “significant driver incentives and consumer discounts and promotions”.

Uber app.

The decade-old company also warned that it may fail to develop and successfully commercialise autonomous vehicle technologies and expected that its competitors would develop such technologies before it.

“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.

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The company noted that as of December 31, 2018, it had 91 million or 9.1 crore monthly active platform users. There were 3.9 million or 39 lakh drivers on the platform by the end of 2018.

According to market sources, the company may provide a price range for its shares later this month and would go public in May. (IANS)

Next Story

Uber Launches ‘Vouchers’ for Businesses in India

The feature was beta tested with over a 100 Uber partners globally before the final release

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Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

Global ride-sharing major Uber on Wednesday launched “Uber Vouchers” for businesses globally including in India.

Developed on the “Uber for Business (U4B)” platform, the “Vouchers” are now being made available in most countries where Uber operates, the company said in a statement.

“As companies look for new technology and novel ways to engage with consumers, ‘Vouchers’ provide a perk that businesses know their customers will use,” said Ronnie Gurion, General Manager and Global Head, Uber for Business.

The “Vouchers” can be sent over email, social media and mobile messaging.

Uber app.

These come with discounted trips and options to create “Voucher” programmes customise in terms of budget, specified pick-up and drop-off locations as well as a set time for an offer.

To streamline reporting and billing, businesses will be able to maintain records of how many “Vouchers” were redeemed or used within a dedicated dashboard.

No personal rider information of the person using the “Voucher” would be shared, the company added.

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Businesses can see how many Vouchers have been redeemed or used within a dedicated dashboard.

The feature was beta tested with over a 100 Uber partners globally before the final release. (IANS)