Today’s top tech news, May 25: Uber saw US$2.5B in profits following Southeast Asia, Russia deals

Anisa Menur
Today’s top tech news, May 25: Uber saw US$2.5B in profits following Southeast Asia, Russia deals

We also have updates on Xiaomi’s upcoming IPO, Netflix’s market cap, and GIC being the most active private equity investor in Q1 2018

Uber saw US$2.5B in profits following Southeast Asia, Russia deals – Recode

Ride-hailing giant Uber saw a US$2.5 billion profit in the first quarter of 2018 with US$2.6 billion in revenue, up from US$2.4 billion in the last quarter of 2017, Recode reported.

The number followed the company’s recent merge with local competitors such as Yandex in Russia and Grab in Southeast Asia, which had prevented it from suffering greater loss.

Excluding gains from its deal with Yandex and Grab, the company lost around US$480 million, a decrease from US$1.1 billion in the previous quarter and US$800 million in Q1 2017.

Uber also saw US$11.3 billion in total bookings (total transaction made on the platform before paying drivers), up from US$7.3 billion year-over-year. The company had US$10.8 billion in bookings in Q4 2017.

Xiaomi to IPO in Hong Kong in July – South China Morning Post

Chinese smartphone maker Xiaomi is putting the “finishing touches” on its US$10 billion IPO plan, which is reported to be the biggest global stock offer of 2018, according to South China Morning Post.

According to an anonymous source familiar with the matter, the company is also set to go on a roadshow in end of June to persuade institutional investors in the US and Europe to value its business for no less than US$70 billion.

The source also added that Xiaomi’s business valuation is based on the projection that its annual profit growth will top 50 per cent in the next three years through 2020.

Also Read: Today’s top tech news, April 10: Vietnam orders Grab to prove it is not a monopoly post-Uber deal

Netflix briefly surpasses Disney’s market value – CNBC

Streaming giant Netflix briefly surpassed entertainment giant Disney’s market value on Thursday, turning it into the most valuable media company in the world, CNBC reported.

Netflix’s shares rose 1.8 per cent to reach a market value of US$152.6 billion while Disney’s fell one per cent to a market value of US$151.8 billion, according to FactSet.

Netflix’s then closed off its high, up 1.3 per cent with a market value of US$151.8 billion. As for Disney, it trimmed its losses to close 0.76 per cent lower with a market capitalisation of US$152.2 billion.

GIC emerges as most active Asian private equity firm in Q1 2018 – Dealstreet Asia

Singapore’s sovereign wealth fund GIC is the most active Asian private equity (PE) in Q1 2018 with the completion of at least 11 deals, Dealstreet Asia reported.

Citing a PitchBook report, GIC has also joined other investors in sealing two of the biggest investments of the quarter: A US$5.5 billion buyout of Denmark’s Nets A/S by partnering with private equity firm Hellman & Friedman, as well as a US$2.5 billion investment in FirstEnergy.

The PitchBook report only considered completed deals and excluded the ones announced during the quarter. The private equity deals include buyouts and growth/expansion deals while excluding real estate investments.

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