Uber IPO Could Spark Wave of Sex Assault Disclosures

Share
Uber IPO Could Spark Wave of Sex Assault Disclosures

Uber Eats' revenue surpassed $1.4 billion in 2018, just three years after it began operations, according to an SEC filing.

The company isn't the first in the delivery space to go after an IPO - Grubhub and Waitr are already public and DoorDash is likely not too far behind, meaning a competitive advantage of new capital is already available to some of its top USA competitors.

While Uber has often said that India is a high-growth market, the prospectus also pointed out that the country is among the few where average revenue per bookings is low, apart from facing stiff competition and regulation.

In the filing, Uber said it makes 14 million trips each day, but lost $1.8 billion in 2018.

Media reports this week said the San Francisco-based company seeks to sell about $10 billion worth of stock, valuing the stock between $90 billion and $100 billion. Delivery has been particularly successful for McDonald's, which offers the service to 13,000 units globally, and delivery now makes up about 10% of sales at some McDonald's restaurants, according to the filing.

Ride-hailing rivals Lyft won the race to an initial public offering but the firm's share price has taken a heavy hit since going public, which may cause Uber to reevaluate their own expectations.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving auto project took with him thousands of confidential documents.

"We have incurred significant losses since inception, including in the United States and other major markets".

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.

Daniel Ives of Wedbush Securities noted that the ride-hailing firms will face competition from other autonomous driving firms including the former Google vehicle unit Waymo.

The ridesharing giant is also working on self-driving robots that should work on food deliveries for UberEats, additionally planning on expanding the business to food and freight delivery on bicycles and motorcycles.

"We depend on a limited number of suppliers for our dockless e-bikes, and on a single supplier for our e-scooters that also supplies our primary competitors", the filing says.

It's been a tumultuous journey for Uber to get to this point: regulatory fights, accusations of hacking and spying, sexual misconduct by top executives, allegations of harassment and gender discrimination, numerous lawsuits and fines, crimes committed by drivers (including a mass shooting), claims of stolen self-driving technology, and the ousting of the company's co-founder and CEO. Most recently, Hyundai invested $300 million in Ola.

The blowback in the problems assisted Lyft pickup soil in the USA and contributed to the ouster of both Uber co-founder Travis Kalanick CEO in 2017.

But the company is trying to put the Kalanick era behind it, and that's clear in the filing.

"Our continued success will come from stellar execution and the strength of the platform we have worked so hard to build", CEO Dara Khosrowshahi said in a letter in the filing.

Share

Advertisement

Related Posts

Pistons' Andre Drummond Ejected After Fouling Bucks' Giannis Antetokounmpo
Budenholzer said he was concerned about the rebounding battle and going against league-leading rebounder Drummond (15.6 per game). Drummond got the defensive assignment on Antetokounmpo after Thon Maker got in early foul trouble trying to stop him.

Boy thrown from Mall of America balcony still hospitalized
Potts believes this most recent incident is isolated and said the Mall of America continues to be a very safe place to go. Police learned at that time he had an existing trespass notice prohibiting him from the Mall until July of 2016.

Kevin Feige on the ‘Major Storylines’ Present in Marvel’s Disney+ Shows
You'll also be able to download content that you can access offline when you're not connected to data or wifi. As with the legacy of the brand, Disney + promises the best in service, quality, and usability.

Britain's PM Theresa May defends Brexit delay, critic asks her to resign
That would leave the door open for a second referendum. "The choices we now face are stark and the timetable is clear. The two sides said Thursday they would resume their talks.

DeRozan leads Spurs past Nuggets in Game 1, 101-96
Rockets? The Rockets are 53-29 on the season, 31-10 at home, 40-39-3 against the spread and 41-39-2 with the under. During the regular season, the Jazz averaged the fourth-most turnovers per game in the league at 15.1 .

Oil market confused by mixed signals
The combined supply cuts have helped to drive a 32 percent rally in crude prices this year to almost $72 a barrel, prompting U.S. In its April report the IEA maintained its forecast for oil demand growth in 2019 at 1.4 million barrels per day.

Gilbert creates 'Game of Thrones' video to encourage proper recycling
As most recyclers know, plastic bags aren't supposed to be put in curbside bins because they can get stuck in sorting machines. To ensure you have your info all in order, in the United States , episode 1 airs on HBO at 9pm EST on Sunday, April 14.

Fire breaks out at Coachella music festival
The flames that broke out at the world-famous arts and music event damaged a trailer and destroyed another. Many users who witnessed the fire first-hand took to social media to share their experience.

Iranians rally in support of IRGC after U.S. blacklisting
Iranian Supreme National Security Council, in retaliation, has recognized the US Central Command (CENCTOM) as a terrorist organization.

Over 120 killed as Libya rivals fight
Earlier this month, Egyptian foreign minister Sameh Shoukry cautioned that the conflict could not be solved militarily. Islamist militants have since controlled large parts of the vast country, including the capital Tripoli.

© 2015 ExpressNewsline. All Rights reserved.