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The ride-hailing giant Uber says it may never make a profit. It issued the warning as it unveiled the details of its upcoming initial public offering (IPO).

In the IPO filing it cautioned that it expects operating expenses to “increase significantly in the foreseeable future” and it “may not achieve profitability.”

Reuters has reported this that it plans to sell around $10 billion worth of stock with a company valuation of between $90 billion and $100 billion.

Alejandro Ortiz is a Research Analyst at SharesPost. He comments: “The $997 million net income posted by the company is largely attributable to the nearly $5 billion in proceeds from sales of both its Russian and Southeast Asian business lines. One important consideration, the equity position Uber maintained in the local competition upon exits.”

He adds: “For Russia, Uber estimates an equity position of 38% in MLU B.V., a company formed with Yandex, the remaining ridesharing company. Similarly, Uber received a 23% equity stake in Grab upon exiting Southeast Asia. It appears that, despite removing operational risk in those geographies, Uber’s bottom line stands to grow as ridesharing does.”

Share are expected to begin trading on the New York Stock Exchange in early May.

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