Uber recently made its Wall Street debut as it filed to go public on Thursday, 11th April 2019. The company, valued at up to $120 billion is likely making the biggest public offering ever for a technology company.
The ride-hailing service will trade on the New York Stock Exchange under the symbol, “UBER”. They hope to sell about $10 billion worth of stocks valued at up to $120 billion.
The company reported losses of $1.85 billion in 2018 even after generating revenues valued at $11.27 billion. In the first quarter of 2019, the company reportedly completed 1.5 billion trips around the world. It also has other companies under it like Uber Eats, a food delivery service that made a total of about 91 million orders in the last quarter of 2018.
Filling an Initial public offering (IPO) does not guarantee profit for the company. The operating expenses in the coming years should increase as the company is looking to pursue other feats. Uber is looking to explore the autonomous car technology and may invest funds in it.
This new listing might impact on riders. Uber will now face some scrutiny of its financial information. Investors will want to push the company to make more money. This might mean an increase in fare rates.
Uber has not had it easy in the past few years. The company has had to deal with an almost boycott and several allegations. In 2017, it was under a criminal probe from the United States Department of Justice over a tool it created. The tool let its drivers dodge law enforcement in cities where Uber was not allowed. It has faced allegations of intellectual property theft. CEO Travis Kalanick was also under investigation for s****l harassment allegations.