Uber faces new roadblock in New York on its way to IPO

FILE - In this March 15, 2017 file photo, a sign marks a pick-up point for the Uber car service at LaGuardia Airport in New York. New York City is imposing a one-year moratorium on new ride-hailing licenses in Uber's largest U.S. market, raising the specter that other cities may adopt similar crackdowns as they try to ease traffic congestion. (AP Photo/Seth Wenig, File)

SAN FRANCISCO — Uber will have to navigate around a new regulatory pothole in New York on an already bumpy road to its initial public offering of stock next year.

New York City is imposing a one-year moratorium on new ride-hailing licenses in Uber's largest U.S. market, raising the specter that other cities may adopt similar crackdowns as they try to ease traffic congestion.

If that were to happen, it would be more difficult for Uber to boost its revenue and reverse its history of uninterrupted losses. That, in turn, would affect the price that investors are willing to pay for Uber's stock in the IPO that the San Francisco company plans to make next year.

Uber maintains that New York's moratorium is a bad idea.

Must Read

Turkish leader wades into Qatar dispute with Gulf...

Jul 24, 2017

Turkey's president has waded into the diplomatic crisis gripping Qatar and four other Arab nations...

Kuwait calms Philippines after dead worker found...

Feb 13, 2018

Kuwait's foreign minister is trying to calm the anger of the Philippines after a dead Filipina was...

The Latest: Austria's Kurz sees border as Brexit...

Oct 15, 2018

Dutch Prime Minister Mark Rutte and Austrian Chancellor Sebastian Kurz say they still think a...

Timbuktu mausoleum destruction suspect set to...

Aug 21, 2016

An Islamic radical accused of involvement in destroying historic mausoleums in the Malian city of...

Malian extremist pleads guilty to Timbuktu rampage

Aug 22, 2016

An Islamic extremist has pleaded guilty to destroying historic mausoleums in the Malian desert city...