Uber is slowing down and burning through cash. Don't buy into its IPO
Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks during a news conference in Tokyo, Japan, on Thursday, Oct. 4, 2018. Japan's SoftBank and Toyota Motor Corp. are teaming up on ride-hailing and self-driving cars as they accelerate their push into a market dominated by U.S. technology and car companies.
Lyft -- whose shares have tumbled 30% since their peak on the day of its March 29 IPO -- lost than $900 million on revenue that doubled to $2 billion. Uber controls about 70% of the U.S. ride-haling market while Lyft has most of the rest. In each of its markets -- personal mobility, Uber Eats, and Uber Freight, the company faces serious competition. Its ridesharing service competes for drivers and riders with Lyft, OLA, Careem, Didi, and Taxify among others. Uber Eats competes with GrubHub, DoorDash, Deliveroo, Swiggy, Postmates, Zomato, Delivery Hero, Just Eat, Takeaway.com, and Amazon. And Uber Freight competes with C.H. Robinson, Total Quality Logistics, XPO Logistics and others.
Sadly the prospectus does not include price estimates for the IPO. The Journal wrote that Uber convertible note holders learned that it planned a potential price range of $48 to $55 -- valuing the company between $90 billion and $100 billion. Morgan Stanley and Goldman Sachs, Uber's lead underwriters, had pitched a valuation last year of as much as $120 billion.
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