Uber’s Losses Reach Double Digits in IPO Debut Debacle
The San Francisco-based company sold 180 million shares at $45 apiece on Thursday, and on Friday it never traded above that price, ending the day down 7.6% at $41.57 even as other stocks gained. The share slump reflects investor skepticism about the size of the ride-hailing market, Uber’s ability to execute on food and package delivery and its push into autonomous vehicles, said Ygal Arounian of Wedbush Securities. For more on Uber’s IPO, check out the Decrypted podcast:
Uber must execute flawlessly over the next 12 to 18 months, and if it does a market value of $100 billion or more is possible, Arounian said.
Source: finance.yahoo.com