Documents filed with the United States regulator the Securities and Exchange Commission show that it made a small profit a year ago, but this was because of the sale of businesses in Asia.
The company posted a profit of $997 million previous year, but that doesn't mean its ride-hailing service suddenly started to make money - far from it.
Uber will follow Lyft Inc in going public. The company generated net income of $997 million in 2018 on revenue of $11.3 billion, though operating losses totaled $3.03 billion. Drivers for both companies complain about declining earnings, and they can easily switch between platforms, making it hard for either company to further reduce driver costs and keep fares cheap for passengers.
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.
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 registration will provide investors with their most complete look yet at Uber's financial and operational numbers and strong points of comparison to rival Lyft's IPO registration in March. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving auto division.
Lyft's IPO priced at the top end of its upwardly revised range last month, assigning it a valuation of more than $24 billion in an offering that raised $2.34 billion.
Aside from its flagship ride-sharing app, the company operates a food delivery service called "UberEats", which earned $1.5 billion in revenue previous year, and a shipment fulfillment segment called "Uber Freight". Lyft's market capitalization ended the day at $17.2 billion. However, the shares have dropped over 16 percent since then, and now with Uber joining the fray, demand for Lyft stock may take a hit.
Uber Technologies Inc has decided it will seek to sell around $10 billion worth of stock in its initial public offering (IPO), and will make public the registration of this offering on Thursday, people familiar with the matter said earlier this week. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO.
But it suspended testing when one of its self-driving vehicles struck and killed a pedestrian in Arizona a year ago. The company also warned that potential future regulations or increases in insurance costs could impact the autonomous vehicle business.More news: Eden Hazard has 'no intention' of signing a new contract with Chelsea