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Uber continues to be heavily loss-making despite its significant growth and expansion into new businesses, the taxi app has revealed as it filed to go public in NY.

The S-1 filing underscores Uber's rapid growth in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders. "However, once Uber goes public (expected in the mid-April timeframe), we could see outflows as investors seek to invest in Uber".

The company reported revenue of $11.3 billion in 2018 on $49.8 billion in bookings, that's up 42 percent in revenue from 2017. The company's drivers have earned more than $78.2 billion through the platform since 2015.

Uber said it plans to give bonuses to qualified drivers and is setting aside an undisclosed portion of its stock for drivers to buy.

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its IPO filing.

Uber's growth was slowed by a raft of scandals beginning in 2016 that ultimately led to the ouster of its CEO Travis Kalanick
Uber's growth was slowed by a raft of scandals beginning in 2016 that ultimately led to the ouster of its CEO Travis Kalanick

The world's largest taxi-hailing company revealed that it made a $3 billion operating loss past year as it published the prospectus for its initial public offering (IPO). That compares to a net loss of US$4.03 billion in 2017 on revenue of US$7.9 billion, the filing shows. Uber has also been reaching beyond the ride-hailing business, pitching investors a broader business that includes food and freight delivery, scooters, electric bikes and even flying cars.

"They're showing that they're capable of controlling their costs, which has been a concern of ride sharing companies in general", said SharesPost analyst Alejandro Ortiz. Lyft's market capitalization ended the day at $17.2 billion.

Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft's shares following its IPO late last month, the sources said. Now it will be up to Kalanick's successor, Khosrowshahi, to persuade investors that Uber has cleaned up its act and merits a market value higher than Ford Motor and General Motors combined. It launched its first self-driving test vehicle in 2016 and its self-driving auto division has more than 1,000 employees, and it has built more than 250 self-driving cars so far.

The expert, installed as part of Uber's settlement with Waymo, has identified on an interim basis certain functions in Uber's autonomous vehicle software that "are problematic and other functions that are not", Uber said.

Making history: Israel's Beresheet spacecraft to land on the moon today!
Space programs in only three nations - the U.S., Russian Federation and China - have successfully landed spacecraft on the moon . The last image received from the spacecraft, shown above, is from an altitude 22km (13.2 miles) above the lunar surface.


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