Uber warns it 'may not achieve profitability' as it aims for $100bn valuation

Uber reported revenues of $11.27bn for 2018 and a loss of $1.85bn, warning that operating expenses will increase as company goes public

The ride hailing service Uber made public details about its fast-growing and massively loss-making business on Thursday, as it gets ready to become a public company and warned it may never "achieve profitability".

The 10-year-old company that has transformed the taxi industry will become the latest Silicon Valley "unicorn" - a private company worth over $1bn - to test the stock market's appetite for loss-making tech companies. It is set to be the largest initial public offering (IPO) of the year.