Uber drops 4% upon market debut
May 10, 2019
Uber entered the stock market early on Friday at $42 per share, below the price of $45 that the company had set ahead of its IPO. Uber had priced its shares on the low range of its target price, which gave the company an expected valuation of $75 billion, well below the $120 billion that the company was allegedly seeking ahead of its debut. However, Uber's biggest rival, Lyft, debuted in early March and has plummeted more than 20% since then, which hampered excitement for Uber's IPO. Also, analysts still doubt Uber's ability to turn a profit as the company posted a loss of nearly $2 billion in 2018.