SAN FRANCISCO (AP) – Uber is providing a look under the hood of its business in the lead-up to its hotly anticipated debut on the stock market, revealing strong growth but an ongoing struggle to overcome huge losses and repair its reputation.
The massive filing shows Uber has been generating the robust revenue growth that entices investors, but also racked up nearly $8 billion in losses over its 10 years in existence, which mirrors the same trend challenging Lyft, Uber’s main rival in the U.S.
Uber’s revenue totaled $11.3 billion in 2018, a 42% increase from $7.9 billion in 2017.
The company posted a profit of $997 million last year. The positive result stemmed from a windfall that Uber generated from the sale of its operations in Russia and Southeast Asia. The company said it sustained an operating loss of $3 billion.
The San Francisco company also disclosed a legal cloud hanging over its head as government authorities and regulators investigate whether the company broke any laws.
The probes are among the many risks that investors must weigh as they mull whether to jump into one of the biggest IPOs in years.