Recently Uber confirmed its IPO (Initial Public Offering) to be $45 per share which will raise the total revenue to $8.1 billion. They announced the price a day after drivers across the world went on strike. The Uber drivers in San Francisco protested in front of its headquarters. This price is below their planned prices per share.
Uber’s Financial Transparency
Uber is quite transparent in sharing its financial status. It disclosed its previous year’s revenue details. The financial reports highlight the revenue was estimated at US$ 11.27 billion during 2018. The report also says the net income worth $997 million was adjusted against the EBITDA losses that sums up to $1.85 billion
Uber has always proactively been transparent about their finances. It shared its revenue in February last year that resulted in operating losses. Uber’s revenue increases from $3.5 billion in 2016 to 9.2 billion in 2018. This revenue growth is specifically from ridesharing. Its gross booking values at $41.5 billion during the last year from ridesharing products.
Uber’s rival Lyft also shares its financial statements which highlights $1 billion losses as compared to 2.1 billion total revenue. Their report also talks about bookings that estimate $8.1 billion and 30.7 million riders. They also share their numbers on drivers which are 1.9 million drivers. Lfyt’s current price is 20% lesser than its IPO which was $62 to $68. They set this benchmark as their IPO to increase up to $2.1 billion. From the time its appearance on Nasdaq, Lyft has witnessed losses amounting to 10% on just one day.