The ride-hailing firm discloses a number of challenges as it prepares for a debut on the New York Stock Exchange in May.
SharesPost analyst Alejandro Ortiz said:"They're showing that they're capable of controlling their costs, which has been a concern of ride sharing companies in general.Uber's food delivery service is one of its bright spots, operating in 500 cities globallyOne of the main problems is drivers' wages, a huge expense made harder to control by the fact that drivers can easily move between the two businesses.
But Uber has been investing in self-driving vehicles, building more than 250 of the vehicles and staffing its self-driving division with more than 1,000 people. A bright spot was Uber's food delivery business, which is in 500 cities around the world and doubled its revenue to $757m in 2018 from $367m in 2017.
Lyft entered the stock market in March, raising $2.3bn in its IPO but the excitement has faded and its stock now sells for around $61, down from its original price of $72. Uber, which operates in 65 countries, expects to raise around $10bn, according to the Wall Street Journal.
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