Ride-hailing company <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/uber-lands-1-billion-from-softbank-toyota-for-self-driving-unit-211646&amp;sa=U&amp;ved=2ahUKEwj3_5eKi-3hAhUk7HMBHbKyDhEQFjAJegQIAxAC&amp;usg=AOvVaw0tPfbIuxVyBuXdciCH0Yex">Uber Technologies Inc</a> will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year.

Uber's moderation of valuation expectations reflects the poor stock performance of its smaller rival Lyft Inc following its IPO last month.

Lyft shares ended trading on Thursday down 22 percent from their IPO price amid investor scepticism over its path to profitability.

Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said.

This would rank it as the largest IPO since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014.

In addition, some Uber insiders will also sell their own shares in the IPO, the sources said.

Reuters reported earlier this month that all the Uber shares sold in the IPO could be worth around $10 billion.

Uber also plans to unveil on Friday its last sale of stock as a private company, the sources said.

The identity of the investor involved in the private placement could not immediately be learned.

PayPal Holdings Inc plans to invest $500 million in a concurrent private placement at Uber's IPO price, Refinitiv IFR reported, citing sources.

Uber and PayPal were not immediately available to comment on the IFR report.

The investor roadshow will kick off in earnest on Monday, setting the stage for Uber to debut on the New York Stock Exchange in early May.

For the roadshow, Uber's top executives will travel the United States and make a stop in London to drum up investor interest in the IPO, sources said.

The sources asked not to be identified because the matter is confidential.

Uber declined to comment. The price range was reported earlier by Bloomberg News.

Two other IPOs this month, those of online scrapbook company Pinterest Inc and video conferencing company Zoom Video Communications Inc, have performed much more strongly than Lyft.

Uber, however, has chosen to still value itself conservatively.

"People are more cautious than they were 4 weeks ago," said Duncan Davidson, general partner at Bullpen Capital, an early-stage venture capital investment firm.

Uber operates in more than 70 countries. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division.

The ride-hailing startup has disclosed it has 91 million users, but growth is slowing and it may never make a profit.

Uber in 2018 had $11.3 billion in revenue, up around 42 per cent over 2017, but below the 106 per cent growth the prior year.

During the IPO roadshow, Uber's chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

AUTONOMOUS DRIVING

Last week, Uber's autonomous vehicle unit raised $1 billion privately from a consortium of investors, including top Uber shareholder SoftBank Group Corp, giving the company a much-needed funding boost for its self-driving ambitions.

Last year, Uber settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving car project took with him thousands of confidential documents.

One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates.

Analysts consider building scale crucial for Uber's business model to become profitable.

Lyft, which was valued at $24.3 billion in its IPO, has focused only in the U.S. and Canadian markets.

"Investors are now asking for more clarity on how ride-sharing companies will monetize data they are collecting and if this is a scalable business," said Jordan Stuart, a client portfolio manager for Federated Kaufmann funds who often purchase stock in IPOs.

Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter. The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year. Uber's moderation of valuation expectations reflects the poor stock performance of its smaller rival Lyft Inc following its IPO last month. Lyft shares ended trading on Thursday down 22 percent from their IPO price amid investor scepticism over its path to profitability. Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said. This would rank it as the largest IPO since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014. In addition, some Uber insiders will also sell their own shares in the IPO, the sources said. Reuters reported earlier this month that all the Uber shares sold in the IPO could be worth around $10 billion. Uber also plans to unveil on Friday its last sale of stock as a private company, the sources said. The identity of the investor involved in the private placement could not immediately be learned. PayPal Holdings Inc plans to invest $500 million in a concurrent private placement at Uber's IPO price, Refinitiv IFR reported, citing sources. Uber and PayPal were not immediately available to comment on the IFR report. The investor roadshow will kick off in earnest on Monday, setting the stage for Uber to debut on the New York Stock Exchange in early May. For the roadshow, Uber's top executives will travel the United States and make a stop in London to drum up investor interest in the IPO, sources said. The sources asked not to be identified because the matter is confidential. Uber declined to comment. The price range was reported earlier by Bloomberg News. Two other IPOs this month, those of online scrapbook company Pinterest Inc and video conferencing company Zoom Video Communications Inc, have performed much more strongly than Lyft. Uber, however, has chosen to still value itself conservatively. "People are more cautious than they were 4 weeks ago," said Duncan Davidson, general partner at Bullpen Capital, an early-stage venture capital investment firm. Uber operates in more than 70 countries. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division. The ride-hailing startup has disclosed it has 91 million users, but growth is slowing and it may never make a profit. Uber in 2018 had $11.3 billion in revenue, up around 42 per cent over 2017, but below the 106 per cent growth the prior year. During the IPO roadshow, Uber's chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years. Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria. AUTONOMOUS DRIVING Last week, Uber's autonomous vehicle unit raised $1 billion privately from a consortium of investors, including top Uber shareholder SoftBank Group Corp, giving the company a much-needed funding boost for its self-driving ambitions. Last year, Uber settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit. Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving car project took with him thousands of confidential documents. One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates. Analysts consider building scale crucial for Uber's business model to become profitable. Lyft, which was valued at $24.3 billion in its IPO, has focused only in the U.S. and Canadian markets. "Investors are now asking for more clarity on how ride-sharing companies will monetize data they are collecting and if this is a scalable business," said Jordan Stuart, a client portfolio manager for Federated Kaufmann funds who often purchase stock in IPOs.

Uber to kick off investor road show with IPO terms on Friday

<a href="https://www.google.com/url?q=https://www.wionews.com/world/lyft-files-for-stock-offering-beating-uber-to-wall-street-200590&amp;sa=U&amp;ved=0ahUKEwiBu--y9MnhAhUOY48KHbzbDJMQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0gfyJ0M7_GliGQQErJNKH8">Uber </a>Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors.

The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

Here are how the two companies compare on key metrics from Uber's filing:

REVENUE

Uber had $11.3 billion in 2018 vs Lyft $2.2 billion.

Uber's growth has been slowing relative to Lyft due to scandals and aggressive discounting by Lyft.

Lyft’s revenue more than doubled between 2017 and 2018 while Uber's grew around 42 per cent.

MARKET SHARE

Uber has lost market share but remains the leader.

Uber has 65 per cent share in North America while Lyft says it has 39 per cent in the United States.

ADJUSTED EBITDA

Both Uber and Lyft lose money though Uber has trimmed its losses in recent years.

Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017.

Lyft lost $950 million in 2018 on the same basis.

MONTHLY ACTIVE USERS

Uber has 91 million monthly active users compared to Lyft's 18.6 million.

Uber's number includes customers of additional services beyond ride sharing.

Uber Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors. The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72.

Uber Technologies Inc’s initial public offering filing on Thursday contains data that will be key to selling itself to investors. The share sale follows a public offering by rival ride-sharing service Lyft Inc last month, whose shares have dropped to about $61 from an IPO price of $72. Here are how the two companies compare on key metrics from Uber's filing: REVENUE Uber had $11.3 billion in 2018 vs Lyft $2.2 billion. Uber's growth has been slowing relative to Lyft due to scandals and aggressive discounting by Lyft. Lyft’s revenue more than doubled between 2017 and 2018 while Uber's grew around 42 per cent. MARKET SHARE Uber has lost market share but remains the leader. Uber has 65 per cent share in North America while Lyft says it has 39 per cent in the United States. ADJUSTED EBITDA Both Uber and Lyft lose money though Uber has trimmed its losses in recent years. Uber's adjusted loss before interest, taxes, depreciation and amortization was just over $1.8 billion in 2018 compared to $2.6 billion in 2017. Lyft lost $950 million in 2018 on the same basis. MONTHLY ACTIVE USERS Uber has 91 million monthly active users compared to Lyft's 18.6 million. Uber's number includes customers of additional services beyond ride sharing.

How Uber and Lyft compare on key financial metrics

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.

The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and have changed the way much of the world travels.

The S-1 filing underscores the rapid growth of <a href="https://www.wionews.com/world/lyft-files-for-stock-offering-beating-uber-to-wall-street-200590">Uber</a>'s business in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders.

The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability." Uber lost $3.03 billion in 2018 from operations.

The filing with the US Securities and Exchange Commission revealed Uber had 91 million average monthly active users on its platforms, including for ride-hailing and Uber Eats, at the end of 2018. This is up 33.8 per cent from 2017, but growth slowed from 51 per cent a year earlier.

Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is nearly five times the 18.6 million announced by rival Lyft Inc.

Uber in 2018 had revenue of $11.3 billion, up around 42 per cent over 2017, again below the 106 per cent growth the prior year.

Uber 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 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion.

Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.

Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached.

Adverse events

Uber will follow Lyft in going public. Shares in its smaller rival closed at $61.01 on Thursday, 15 per cent below its IPO price set late last month, a development which has sent chilling signal for other tech start-ups looking to go public.

After making the public filing, Uber will begin a series of investor presentations, called a roadshow, which Reuters has reported will start the week of April 29. The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May.

Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model.

One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates. Analysts consider building scale crucial for Uber's business model to become profitable.

In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO.

Uber said in its filing its ride-hailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies.

A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days.

Uber said its market share fell in most regions last year, although the rate of decline has slowed. The company claims more than 65 per cent market share in the United States and Canada, compared to Lyft's stated 39 per cent in the United States.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing. The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and have changed the way much of the world travels. The S-1 filing underscores the rapid growth of Uber's business in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders. The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability." Uber lost $3.03 billion in 2018 from operations. The filing with the US Securities and Exchange Commission revealed Uber had 91 million average monthly active users on its platforms, including for ride-hailing and Uber Eats, at the end of 2018. This is up 33.8 per cent from 2017, but growth slowed from 51 per cent a year earlier. Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is nearly five times the 18.6 million announced by rival Lyft Inc. Uber in 2018 had revenue of $11.3 billion, up around 42 per cent over 2017, again below the 106 per cent growth the prior year. Uber 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 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion. Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion. Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached. Adverse events Uber will follow Lyft in going public. Shares in its smaller rival closed at $61.01 on Thursday, 15 per cent below its IPO price set late last month, a development which has sent chilling signal for other tech start-ups looking to go public. After making the public filing, Uber will begin a series of investor presentations, called a roadshow, which Reuters has reported will start the week of April 29. The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May. Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model. One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates. Analysts consider building scale crucial for Uber's business model to become profitable. In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years. Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO. Uber said in its filing its ride-hailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies. A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days. Uber said its market share fell in most regions last year, although the rate of decline has slowed. The company claims more than 65 per cent market share in the United States and Canada, compared to Lyft's stated 39 per cent in the United States. Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

Uber unveils IPO as growth slows amid profit warning

Shares in Lyft surged Friday in its stock market debut, after raising $2.3 billion in an IPO that marks a turning point for the ride-hailing business and the so-called "sharing economy."

The six-year old San Francisco-based company, trading on Nasdaq under the ticker "LYFT," opened at $87.24, up 21 per cent from its initial offering price before retreating somewhat. Near 1650 GMT, shares were trading at $80.92, up 12.4 per cent.

Lyft was first off the line with its stock offering ahead of an expected IPO later this year from its much-larger rival Uber. Other hotly-anticipated tech IPOs are expected this year from business collaboration firm Slack and visual discovery engine Pinterest. &nbsp;

Uber and Lyft are among the most prominent firms in the sharing economy, which also includes home-sharing platform Airbnb, and highlight a trend away from ownership to services.

Both companies have driven the smartphone economy to spectacular growth to the detriment of the taxi industry, while also raising questions for automakers about car sales.&nbsp;

"Ridesharing has transformed our lives, making it easier and cheaper to get where we need to go, and it's pioneering an undeniable trend toward transportation as a service," said Gene Munster and Will Thompson of the investment firm Loup Ventures, in a research note this week.

These firms, which also are stepping up moves to autonomous rides, have been expanding aggressively -- with Lyft gaining market share in the United States and Uber in dozens of international markets.

They also have sought to become broader transportation platforms that connect consumers to e-scooters, electric bikes and local transit systems.

Big losses

But Lyft lost $911 million on $2.2 billion in 2018 revenues. Documents show revenues grew sharply from just $343 million in 2016, but losses widened as well.

"Lyft will have to sustain strong double-digit revenue growth for a several years before coming close to break even," said a note from Briefing.com said in a note, adding that ride-hailing profitability could be enhanced significantly by autonomous driving, an ambition of both of the main players.

"We are still in the very early innings in terms of this transition to the transportation-as-a-service market," Briefing said. "While smaller upstarts continue to enter the space, Uber and Lyft enjoy a duopoly."

Analyst Richard Windsor, who writes the tech blog Radio Free Mobile, argues that Lyft may not be ready for the scrutiny it will face as a publicly-traded firm.

"Lyft is shooting itself in the foot by going public, as I continue to think that the company is not ready for the harsh glare of the public market and it is giving away a big edge that it could have had over Uber," Windsor writes.

Controversy

The surge in the industry has not been without controversy.

One issue has been increased congestion: Schaller Consult estimated there are more than 10,000 taxis and ride-hailing vehicles on the road at the center of Manhattan each afternoon, two times the level in 2013.

"One-third of the vehicles are empty, meaning between the drop-off of one passenger and pick-up of the next passenger, clogging the streets without any mobility benefit to anyone," Schaller said.

Labor practices have also drawn heckles.&nbsp;

Lyft and Uber have been classified as independent contractors, claiming that most drivers prefer the flexible work arrangement, even if it offers fewer benefits and less job security.

Lyft drivers took to the streets of San Francisco earlier this week to protest low pay, pressuring the company as it put its finishing touches on the IPO.

In 2017, Uber paid $20 million to settle a Federal Trade Commission suit that alleged the company misled drivers on pay.

Shares in Lyft surged Friday in its stock market debut, after raising $2.3 billion in an IPO that marks a turning point for the ride-hailing business and the so-called "sharing economy.

Shares in Lyft surged Friday in its stock market debut, after raising $2.3 billion in an IPO that marks a turning point for the ride-hailing business and the so-called "sharing economy." The six-year old San Francisco-based company, trading on Nasdaq under the ticker "LYFT," opened at $87.24, up 21 per cent from its initial offering price before retreating somewhat. Near 1650 GMT, shares were trading at $80.92, up 12.4 per cent. Lyft was first off the line with its stock offering ahead of an expected IPO later this year from its much-larger rival Uber. Other hotly-anticipated tech IPOs are expected this year from business collaboration firm Slack and visual discovery engine Pinterest. Uber and Lyft are among the most prominent firms in the sharing economy, which also includes home-sharing platform Airbnb, and highlight a trend away from ownership to services. Both companies have driven the smartphone economy to spectacular growth to the detriment of the taxi industry, while also raising questions for automakers about car sales. "Ridesharing has transformed our lives, making it easier and cheaper to get where we need to go, and it's pioneering an undeniable trend toward transportation as a service," said Gene Munster and Will Thompson of the investment firm Loup Ventures, in a research note this week. These firms, which also are stepping up moves to autonomous rides, have been expanding aggressively -- with Lyft gaining market share in the United States and Uber in dozens of international markets. They also have sought to become broader transportation platforms that connect consumers to e-scooters, electric bikes and local transit systems. Big losses But Lyft lost $911 million on $2.2 billion in 2018 revenues. Documents show revenues grew sharply from just $343 million in 2016, but losses widened as well. "Lyft will have to sustain strong double-digit revenue growth for a several years before coming close to break even," said a note from Briefing.com said in a note, adding that ride-hailing profitability could be enhanced significantly by autonomous driving, an ambition of both of the main players. "We are still in the very early innings in terms of this transition to the transportation-as-a-service market," Briefing said. "While smaller upstarts continue to enter the space, Uber and Lyft enjoy a duopoly." Analyst Richard Windsor, who writes the tech blog Radio Free Mobile, argues that Lyft may not be ready for the scrutiny it will face as a publicly-traded firm. "Lyft is shooting itself in the foot by going public, as I continue to think that the company is not ready for the harsh glare of the public market and it is giving away a big edge that it could have had over Uber," Windsor writes. Controversy The surge in the industry has not been without controversy. One issue has been increased congestion: Schaller Consult estimated there are more than 10,000 taxis and ride-hailing vehicles on the road at the center of Manhattan each afternoon, two times the level in 2013. "One-third of the vehicles are empty, meaning between the drop-off of one passenger and pick-up of the next passenger, clogging the streets without any mobility benefit to anyone," Schaller said. Labor practices have also drawn heckles. Lyft and Uber have been classified as independent contractors, claiming that most drivers prefer the flexible work arrangement, even if it offers fewer benefits and less job security. Lyft drivers took to the streets of San Francisco earlier this week to protest low pay, pressuring the company as it put its finishing touches on the IPO. In 2017, Uber paid $20 million to settle a Federal Trade Commission suit that alleged the company misled drivers on pay.

Ride-hailing company Lyft rises in Wall Street premier

Lyft on Friday filed documents for its stock offering, beating rival ride-sharing group Uber for a Wall Street listing and becoming one of the most prominent venture-backed tech firms to hit public markets in recent years.

"We are laser-focused on revolutionising transportation and continue to lead the market in innovation," Lyft said in its filing, setting a preliminary target of raising $100 million.&nbsp;

The documents offering the first glimpse of Lyft's finances and showed the California firm lost $911 million on $2.2 billion in 2018 revenues.

Lyft's private valuation has been estimated at $15 billion, considerably smaller than Uber but one of the largest startups worth more than $1 billion, popularly known as "unicorns."

Some reports say the firm, to be traded on the Nasdaq under the symbol LYFT, will seek a valuation of more than $20 billion. Lyft has discussed the possibility of expanding globally but so far has operated only in the US and Canada.

The filing with the Securities and Exchange Commission said only that "we may continue to expand our international operations," without any specifics.

The document said Lyft had completed over one billion rides since its inception in 2012 and had bookings last year of $8.1 billion.

Lyft's mission, according to the statement, revolves around reducing the number of cars on roads, and includes a path toward self-driving vehicles.

"We believe that cities should be built for people, not cars," the company said. "Mass car ownership strains our cities and reduces the very freedom that cars once provided."

Lyft said it is also investing in autonomous technology and hopes to roll out more self-driving vehicles.

"We believe that the strength of our brand, our trusted relationships with riders and our expertise in operating a ridesharing network at scale, as well as our two-pronged strategy to bring autonomous vehicles to market, will be competitive advantages that will enable us to capture value in the emerging autonomous vehicle ecosystem," the statement said.

Lyft on Friday filed documents for its stock offering, beating rival ride-sharing group Uber for a Wall Street listing and becoming one of the most prominent venture-backed tech firms to hit public markets in recent years.

Lyft on Friday filed documents for its stock offering, beating rival ride-sharing group Uber for a Wall Street listing and becoming one of the most prominent venture-backed tech firms to hit public markets in recent years. "We are laser-focused on revolutionising transportation and continue to lead the market in innovation," Lyft said in its filing, setting a preliminary target of raising $100 million. The documents offering the first glimpse of Lyft's finances and showed the California firm lost $911 million on $2.2 billion in 2018 revenues. Lyft's private valuation has been estimated at $15 billion, considerably smaller than Uber but one of the largest startups worth more than $1 billion, popularly known as "unicorns." Some reports say the firm, to be traded on the Nasdaq under the symbol LYFT, will seek a valuation of more than $20 billion. Lyft has discussed the possibility of expanding globally but so far has operated only in the US and Canada. The filing with the Securities and Exchange Commission said only that "we may continue to expand our international operations," without any specifics. The document said Lyft had completed over one billion rides since its inception in 2012 and had bookings last year of $8.1 billion. Lyft's mission, according to the statement, revolves around reducing the number of cars on roads, and includes a path toward self-driving vehicles. "We believe that cities should be built for people, not cars," the company said. "Mass car ownership strains our cities and reduces the very freedom that cars once provided." Lyft said it is also investing in autonomous technology and hopes to roll out more self-driving vehicles. "We believe that the strength of our brand, our trusted relationships with riders and our expertise in operating a ridesharing network at scale, as well as our two-pronged strategy to bring autonomous vehicles to market, will be competitive advantages that will enable us to capture value in the emerging autonomous vehicle ecosystem," the statement said.

Lyft files for stock offering, beating Uber to Wall Street

A US judge ruled that Alphabet Google&#39;s self-driving car unit Waymo must disclose documents to attorneys representing Uber Technologies about Waymo&#39;s partnership with Lyft, saying the information could be important in Waymo&#39;s lawsuit accusing Uber of stealing some of its trade secrets.

Waymo claimed in a lawsuit earlier this year that former engineer Anthony Levandowski downloaded more than 14,000 confidential files before leaving to set up a self-driving truck company, which Uber acquired soon after.

Uber denies it used any of Waymo&#39;s trade secrets. A trial is scheduled for October.

Waymo and ride-hailing service Lyft, which is a competitor to Uber, announced a partnership to get self-driving vehicles on the roads earlier this year. &nbsp;As part of its litigation defence, Uber requested documents and other information about the deal from both Waymo and Lyft.

In a ruling on Friday, US Magistrate Judge Jacqueline Scott Corley ordered Waymo to disclose due diligence documents over the deal, saying Uber could use them to assess Waymo&#39;s argument that it suffered monetary damages from Uber&#39;s actions. Corley said Lyft did not have to produce any documents.

A Waymo spokesman did not have immediate comment on the ruling.

Also,&nbsp;Waymo&nbsp;said it would dismiss three out of four patent claims it had filed against Uber, while maintaining one patent claim over a circuit for its laser technology.

US District Judge William Alsup, who is overseeing the case, had previously said Waymo&#39;s patent claims appeared meritless.&nbsp;

The information could be important in Waymo's lawsuit accusing Uber of stealing some of its trade secrets

A US judge ruled that Alphabet Google's self-driving car unit Waymo must disclose documents to attorneys representing Uber Technologies about Waymo's partnership with Lyft, saying the information could be important in Waymo's lawsuit accusing Uber of stealing some of its trade secrets. Waymo claimed in a lawsuit earlier this year that former engineer Anthony Levandowski downloaded more than 14,000 confidential files before leaving to set up a self-driving truck company, which Uber acquired soon after. Uber denies it used any of Waymo's trade secrets. A trial is scheduled for October. Waymo and ride-hailing service Lyft, which is a competitor to Uber, announced a partnership to get self-driving vehicles on the roads earlier this year. As part of its litigation defence, Uber requested documents and other information about the deal from both Waymo and Lyft. In a ruling on Friday, US Magistrate Judge Jacqueline Scott Corley ordered Waymo to disclose due diligence documents over the deal, saying Uber could use them to assess Waymo's argument that it suffered monetary damages from Uber's actions. Corley said Lyft did not have to produce any documents. A Waymo spokesman did not have immediate comment on the ruling. Also, Waymo said it would dismiss three out of four patent claims it had filed against Uber, while maintaining one patent claim over a circuit for its laser technology. US District Judge William Alsup, who is overseeing the case, had previously said Waymo's patent claims appeared meritless.

Waymo must disclose details of Lyft car deal to Uber - ruling

Hong Kong police on Tuesday arrested 21 Uber drivers for illegal car-hiring as part of an ongoing clamp down against Uber&#39;s operations in the Asian financial city.

The arrests marked the latest upset for the San Francisco-based technology company, which in March said it would help five convicted Uber drivers to appeal their court case.

Police said they began an undercover operation in May and on Tuesday arrested 20 men and one woman between the ages 21 to 59 for illegally driving a car for hire and driving without third party risks insurance.

&quot;I would like to stress that our law enforcement action is ongoing and we do not rule out further arrests,&quot; said Lau Tat-fai, Chief Inspector of Police Enforcement and Control Decision at the Kowloon West district.

&quot;We would like to say to the operator of the mobile phone application, as a responsible organisation, you need to ensure cars for hire are equipped with a permit as required by Hong Kong laws. This is a basic responsibility to passengers and (shows) respect for Hong Kong laws,&quot; Lau said.

He said those who assist or instigate drivers might also have to bear legal responsibility.

Uber was not immediately available for comment.

A local court in March had found five Uber drivers guilty and fined them HK$10,000 ($1,287.91) each. It also revoked their driving licenses for a year, but that punishment was suspended upon the drivers&#39; appeal.

Uber began a fierce publicity campaign following the verdict, splashing ads on newspaper frontpages and giving out plane tickets and Manchester United football jerseys to a few random passengers.

The embattled technology company pulled out of Taiwan earlier this year over mounting fines from regulators, but said last month it would resume services.

(Reuters)

The drivers were caught for illegally driving a car for hire and driving without third party risks insurance.

Hong Kong police on Tuesday arrested 21 Uber drivers for illegal car-hiring as part of an ongoing clamp down against Uber's operations in the Asian financial city. The arrests marked the latest upset for the San Francisco-based technology company, which in March said it would help five convicted Uber drivers to appeal their court case. Police said they began an undercover operation in May and on Tuesday arrested 20 men and one woman between the ages 21 to 59 for illegally driving a car for hire and driving without third party risks insurance. "I would like to stress that our law enforcement action is ongoing and we do not rule out further arrests," said Lau Tat-fai, Chief Inspector of Police Enforcement and Control Decision at the Kowloon West district. "We would like to say to the operator of the mobile phone application, as a responsible organisation, you need to ensure cars for hire are equipped with a permit as required by Hong Kong laws. This is a basic responsibility to passengers and (shows) respect for Hong Kong laws," Lau said. He said those who assist or instigate drivers might also have to bear legal responsibility. Uber was not immediately available for comment. A local court in March had found five Uber drivers guilty and fined them HK$10,000 ($1,287.91) each. It also revoked their driving licenses for a year, but that punishment was suspended upon the drivers' appeal. Uber began a fierce publicity campaign following the verdict, splashing ads on newspaper frontpages and giving out plane tickets and Manchester United football jerseys to a few random passengers. The embattled technology company pulled out of Taiwan earlier this year over mounting fines from regulators, but said last month it would resume services. (Reuters)

Hong Kong police arrests 21 Uber drivers

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