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10 May

Uber stock slides almost 8% on rocky first day

published on May 10, 2019 - 2:17 PM
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Uber capped off a rocky first day of trading on Wall Street with its shares closing at $41.57, down almost 8% from their starting price of $45.

It’s uncommon for shares in a company with such a high profile to stumble out of the gate.

The disappointing performance reflects financial market turmoil due to trade tensions and lingering doubts about whether fast-growing ride-hailing companies will ever turn a profit.

Despite the volatile stock market, Uber CEO Dara Khosrowshahi said he did not consider postponing Uber’s IPO date.

Shares in Lyft, Uber’s chief rival, slumped to $51.09 Friday, 29% below their IPO price.

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