Uber extends losses following last week’s rocky debut

Uber stocks went into a fresh skid Monday—more bad news for the global ride-hailing giant, which endured steep declines in its hotly anticipated market debut last week.

Shares in the company tumbled more than 11 percent to $36.96 mid-afternoon on the second day of trade on the New York Stock Exchange.

Valued at some $82 billion in one of the biggest initial public offerings (IPOs) in the technology sector, Uber’s debut Friday was a major disappointment, losing 7.6 percent.

Uber chief executive Dara Khosrowshahi urged employees to look past the rough patch of road on Wall Street and stay focused on better

days ahead, according to a copy of an internal email seen by AFP.

“Remember that the Facebook and Amazon post-IPO trading was incredibly difficult for those companies,” Khosrowshahi said in the message.

“And look at how they have delivered since. Our road will be the same.”

 

Uber extends losses following last weeks rocky debut

Uber stocks went into a fresh skid Mondaymore bad news for the global ride-hailing giant, which endured steep declines in its hotly anticipated market debut last week. Shares in the company tumbled more than 11 percent to $36.96 mid-afternoon on the second day of trade on the New York Stock Exchange. Valued at some $82 billion in one of the biggest initial public offerings (IPOs) in the technology sector, Ubers debut Friday was a major disappointment, losing 7.6 percent. Uber chief executive Dara Khosrowshahi urged employees to look past the rough patch of road on Wall Street and stay focused on better days ahead, according to a copy of an internal email seen by AFP. Remember that the Facebook and Amazon post-IPO trading was incredibly difficult for those companies, Khosrowshahi said in the message. And look at how they have delivered since. Our road will be the same.