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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)

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Uber Receives 3,045 Cases of Sexual Assault in U.S. in Year 2018

"We are partnering with RAINN, the nation's largest sexual violence organisation, to design and implement this programme," Uber added

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

Ride-hailing giant Uber has released its first safety review which contains thousands of sexual assault reports. The company has also revealed the changes it was making to make rides safer for its passengers and drivers.

The two-year safety review contains almost 2,936 reports pertaining to sexual assault that Uber received in 2017 and 3,045 it received in 2018.

Notably, the cab aggregator categorises sexual assaults into five subcategories, which are non-consensual kissing of a non-sexual body part, non-consenual touching of a sexual body part, attempted non-consensual sexual penetration, non-consensual kissing of a sexual body part and non-consensual sexual penetration.

In the last sub category, which is rape, the cab hailing major received 229 reports of rape in 2017 and 235 reports of rape in 2018. Throughout 2017 and 2018, the reported incidents occurred on 0.00002% of trips, according to the company.

“Confronting sexual violence requires honesty, and it’s only by shining a light on these issues that we can begin to provide clarity on something that touches every corner of society,” Tony West, Uber’s Chief Legal Officer, said in the review.

“And, most importantly, by bringing hard data to bear, we can make every trip safer for drivers and riders alike.”

Uber
Uber app. Pixabay

The ride hailing major long been under fire for its safety practices.

In its response to making rides safer for its passengers, Uber mentioned developments like its “in-app safety button”.

“We’re rolling out new features that allow riders to verify their driver with a secure PIN code, send a text message directly to 911 operators, and report safety incidents to Uber even before their trip is over,” the company said.

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In 2020, the cab aggregator will expand sexual misconduct and assault education to all the US drivers.

“We are partnering with RAINN, the nation’s largest sexual violence organisation, to design and implement this programme,” Uber added. (IANS)