Shares of recently listed Lyft Inc fell to a fresh low and closed the day down nearly 11 percent on Wednesday on news that rival Uber Technologies Inc was close to filing its own initial public offering.
The massive filing shows Uber has been generating the robust revenue growth that entices investors, but also racked up almost $8 billion in losses over its 10 years in existence, which mirrors the same trend challenging Lyft, Uber's main rival in the U.S.
Nevertheless, Glynn sees Lyft becoming profitable in 2023.
And as is the case for Lyft, it remains unclear whether there is lasting demand for Uber's two main products - on-demand rides and restaurant meal deliveries through Uber Eats - and whether any of it is financially viable.
There's on-demand rides, of course, which Uber disclosed generate about 80 percent of the total value of the company's transactions.
Lyft went public with a relatively strong operating position in the wake of the viral #DeleteUber campaign, and it claimed having about 40 per cent of the U.S. market share.
The filing with the U.S. Securities and Exchange Commission revealed Uber had 91 million users on its platforms at the end of 2018.
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Uber discloses its "core platform contribution profit", a hand-selected metric meant to show the revenue of its two main businesses minus some of the driver incentives, legal costs and other stuff.
Uber is now paying the price of going second.
It could also work in Uber's favor that it is now expected to seek a valuation of $90 billion to $100 billion, below the $120 billion investment bankers previously told the company it could be worth, according to the Reuters report. Polish taxi drivers held up traffic in Monday to call attention to their message that Uber drivers represent unfair competition, reported The Associated Press.
Uber is expected to make its detailed financial results public on Thursday.
But Uber's operating losses declined from $4 billion in 2017 to $3 billion in 2018, indicating it could be heading in the right direction. Uber Freight, meanwhile, has grown to over $125 million in revenue for the last quarter of 2018.
"Lyft wanted to be first. and it got to a point where they got so aggressive with their pricing and they got kind of greedy", said Catherine McCarthy, an Allianz Global Investors research analyst.
Despite its ubiquitous presence around the world and its name being used as a verb by city dwellers, Uber says it has room to grow.