Uber Technologies Inc. moved a step closer to a mammoth initial public offering on Friday.
Uber Technologies Inc.’s mammoth initial public offering is official, and the company will raise more than $8 billion but end up well short of the $100 billion valuation that some expected.
PayPal Holdings Inc. PYPL, -1.38% has agreed to invest $500 million at the IPO price in a private placement, adding more to Uber’s total take, while affiliates of the SoftBank Vision Fund 4726, -0.62% , Toyota Motor Corp. TM, -1.06% and Denso Corp. 6902, -0.94% will together invest $1 billion in a newly formed entity for Uber’s autonomous-driving efforts.
Revenue rose to $11.3 billion in 2018 from $7.9 billion a year earlier, an increase of 43%. But Uber’s revenue more than doubled in 2017, so the company’s growth rate is slowing considerably. The trends are similar for the core platform as well.Uber’s take rate, which represents the portion of bookings that the company holds on to, will be calculated using the core-platform adjusted metrics.
Uber customers took 5.2 billion “trips” over the course of last year, though Uber has some nuances to how it counts trips. An UberPool carpool in which three customers share a ride but pay separately will qualify as three trips for the purpose of this metric. Uber Eats deliveries also count within trips. These caveats are one reason why Uber’s metrics won’t directly compare to those offered by Lyft Inc. LYFT, -0.13% , which doesn’t have a food-delivery business.
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