Less than a month since its disappointing stock market debut, Uber said Tuesday that the IRS is reviewing its 2013 and 2014 taxes.
In a filing with regulators, the world's leading ride-hailing company said it expects its gross amount of tax benefits to be reduced by at least $141 million in the next 12 months. Uber said it had a $1.3 billion increase in its gross unrecognized tax benefits in the first quarter.
Uber said its taxes for the years 2010 to 2019 were also "open" for further review in other countries where it does business, including Brazil, the United Kingdom, Australia and India.
The San Francisco-based company has yet to turn a profit and reported more than $1 billion in losses in its first quarter as a public company, despite a 20% jump in revenue. Uber's revenue last year surged 42% to $11.3 billion, but the company admits it could be years before it turns a profit.
That doesn't seem to be bothering big investors or brokers. Fifteen out of 19 analysts on FactSet rate the stock a buy or the equivalent, with target prices mostly in the mid-$50 range. Shares debuted on May 10 at $45 and fell about 7% that day. They've mostly hovered in the low $40 range since.
Shares rose about 1 percent in morning trading Tuesday to $41.68. It's the first day that banks which underwrote Uber's IPO can comment publicly about the company.