Uber CEO expects further pressure as shares add to losses
- Uber Technologies Inc’s shares fell 12% on Monday, more than doubling their losses since the ride-hailing giant’s poorly received market debut, and its chief executive officer said he expected the stock to remain under pressure in the coming months.
Uber’s stock “did not trade as well as we had hoped post-IPO”, Chief Executive Dara Khosrowshahi wrote in a memo to employees that was seen by Reuters. “In the last couple of weeks we have noticed investors questioning more about how good of a business model is ride sharing really,” said Tom White analyst D.A. Davidson.
Lyft posted a $1.1 billion quarterly loss last week and forecast losses would peak this year as it controlled expenses and got more revenue from each customer.A screen displays the company logo for Uber Technologies Inc. on the day of it's IPO at the New York Stock Exchange in New York, U.S., May 10, 2019. REUTERS/Brendan McDermid
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