The year of the Gig Economy IPO continues as Uber Thursday published its first official work with the Securities and Exchange Commission – a sign that the tech company is focusing on listing its shares at New York Stock prepared exchange. The log-in shows an extensive transport business with operations in 63 countries and over 700 cities, allowing for 5.2 billion rides in 2018: one for each in Europe and Asia.
Uber posted sales of $ 11.3 billion (42 percent) in 2018 over the previous year. And while operating losses are still high ($ 3 billion in 2018), the company has managed to stem them at least a little and cut operating losses of $ 4.1 billion in 201
The company is expected to go public with a value of $ 90 to $ 100 billion, making it the largest US technology company to go public in the last half. Decade. (Facebook was floated in 2012 with a value of $ 104 billion.)
Uber is Ride Hail; Uber are e-scooters and e-bikes. Uber is a growing delivery business. Uber is trucking and logistics software. Uber wants to build a fully functional, self-propelled car. And Uber just wants to get bigger: "Today, Uber accounts for less than 1 percent of all kilometers driven around the world," wrote Chief Executive Dara Khosrowshahi in a letter in the submission. "Since we have not even reached one percent with our work, we will work for the future."
However, the record also shows that a company has difficulty recovering from its chaotic past. The company said it lost "hundreds of thousands" of customers in early 2017 as its drivers continued to operate at airports during protests against the Trump government's immigration restrictions on Muslim visitors. that led to the campaign #DeleteUber. There is a lot of bad press in the file, based on allegations of sexual harassment, discrimination and a then-toxic corporate culture. He is referring to an investigation into the Greyball Tool, a software used to circumvent regulation in cities where the company did not want to operate on its streets. These events have triggered, if not predicted, today's tech whip. From a business perspective, Uwe Uber says history has made it harder for Uber to retain users, stay on the right side of key city and federal agencies, and avoid sending very large checks to attorneys representing Uber in lawsuits and investigations around the world.
Now that Uber is preparing for the IPO, Uber faces critical questions. What happens if the company does not achieve profitability? Uber believes it must invest in finding new users, be it drivers, drivers, restaurants or shippers, to use incentives, discounts and promotions. (More than $ 3 billion, more than a third of total operating costs, was spent on sales and marketing over the past year.) Money needs to flow into new markets and businesses. It has to constantly find new employees and drivers. Along the way, it has to write checks for expensive "flying taxi" and autonomous vehicle research. (The company acknowledges in the application that competitors such as Waymo, General Motors / Cruise, Tesla, Apple or Zoox are expected to "develop such technologies before us."
"Many of our efforts to generate revenue 'are new and unproven, and a failure to adequately increase revenue or reduce related costs could prevent us from achieving or increasing profitability', the company writes in its notification.
What happens when supervisors decide Uber's ruling riders are no longer independent contractors, but workers who are entitled to benefits and more in-depth oversight? Today, Uber faces trial and driver protests that are its core business model at the Uber The filing documents that more than 60,000 drivers arbitration for false classification Employees have received (or have expressed interest in), "the company writes," could cause significant costs to us. The company also expects significant costs for recruiting and retaining drivers in the coming years.
Updated 4-11-19, 21:35 EST: This story has been updated to reflect the annual growth of the monthly to correct active Uber users.
More Great WIRED Stories