Uber’s IPO Filing Reveals Billion-Dollar Revenue Overshadowed by Losses

(Bloomberg) — Uber Technologies Inc. filed for an initial public offering, starting the clock on what’s expected to be the biggest U.S. listing this year.

The U.S. ride-hailing giant filed with an initial offering amount of $1 billion, typically a placeholder amount used to calculate fees that will change. The San Francisco-based company applied to list on the New York Stock Exchange under the ticker UBER, according to its filing Thursday with the U.S. Securities and Exchange Commission.

Uber, which has previously made public some of its financial results, disclosed further details in its filing. The company generated net income of $997 million in 2018 on revenue of $11.3 billion, though operating losses totaled $3.03 billion. That compares to a net loss of $4.03 billion in 2017 on revenue of $7.9 billion, the filing shows.

Uber’s filing follows rival Lyft Inc.’s $2.34 billion offering in March, which is the biggest U.S. IPO so far this year. Lyft increased the number of shares that were sold and priced them at $72 per share — the top of an elevated range — then watched as they jumped 21 percent at the opening bell. Since then, the stock has fallen to $61.01 per share, sinking its market value to $17.4 billion.