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 initial public offering filing.
NEW YORK (Reuters) — 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 initial public offering filing.
The document gave the first comprehensive financial picture of the company which was started in 2009 after its founders struggled to get a cab on a snowy night.
The filing underscores the rapid growth of Uber’s business 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.
The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to “increase significantly in the foreseeable future” and it “may not achieve profitability.” Uber lost $3.03 billion in 2018 from operations, excluding one-off gains.
The S-1 filing with the U. S. Securities and Exchange Commission revealed Uber had 91 million average monthly active users on its platforms, which include ride-hailing and Uber Eats, at the end of 2018.
