Uber filing offers glimpse under its hood ahead of IPOPosted: Updated:
Here's a look at your top business and tech headlines from Cheddar on News 12:
Uber released its IPO filing, and it is seeking to raise $1 billion. The offering is the most anticipated of the year, and could value the ride-hailing giant at $100 billion. In the filing, Uber said it makes 14 million trips each day, but lost $1.8 billion in 2018. It comes as rival Lyft has struggled after going public earlier this month, as investors question whether it can actually make money.
Disney unveiled more details about its upcoming streaming service. Disney Plus will be available beginning Nov. 12 and will cost $6.99 per month. The company is planning to spend $1 billion next year on original content and expects to have between 60 million and 90 million subscribers within five years.
J. Crew announced that it's exploring a potential IPO for its Madewell clothing brand. It's the company's faster growing brand, and J. Crew is hoping the IPO could happen as early as the second half of 2019. The retailer said taking Madewell public is part of its plan to maximize value.