Uber reveals 91 million users but cautions on profitability in IPO filing

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NEW YORK (Reuters) – Uber Technologies Inc on Thursday revealed its initial public offering (IPO) filing, saying more than 90 million riders used the service worldwide while warning it may never make a profit due to pressure from rivals.

FILE PHOTO: A photo illustration shows the Uber app on a mobile telephone, as it is held up for a posed photograph, in London, Britain November 10, 2017. REUTERS/Simon Dawson

The Uber filing gave the first comprehensive financial picture of the ride-hailing and transportation services company. Started in 2009 after its founders struggled to get a cab on a snowy night, Uber has changed the way millions of people travel and commute but continues to lose money.

The filing with the U.S. Securities and Exchange Commission revealed Uber had 91 million users on its platforms at the end of 2018. Uber said in its filing it expects operating expenses to “increase significantly in the foreseeable future” and cautioned it “may not achieve profitability.”

The company set a placeholder amount of $1 billion but did not specify the size of the IPO.

Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90