Uber has potential investors that it “may not achieve profitability” as it prepares to list its shares on the stock market.
The ride-booking app will float on the New York Stock Exchange in a move that is expected to value it at around $100bn (£76.5bn). However, Uber reported a $3bn loss for the last financial year, despite sales rising to $11.2bn.
Chief executive Dara Khosrowshahi said: “Over the past 18 months, we have improved our governance and board oversight; built a stronger and more cohesive management team; and made the changes necessary to ensure our company culture rewards teamwork and encourages employees to commit for the long term.”
Mr Khosrowshahi took over from founder Travis Kalanick in 2017 after the company struggled to reform its image following a string of controversial scandals, including allegations of sexual abuse made against its drivers, allegations of a ‘toxic’ work environment and the rights of workers.