Uber falls to all-time low

Investors grow more skeptical

Shares of Uber continued to sink on Monday, posting their lowest close ever, after the company reported disappointing second-quarter results last week.

The stock dropped 7.6% to $37.00, falling below its previous low of $37.10 on May 13. Since its debut on the public markets in May, Uber shares have shed about 18% of their value from the company’s IPO price of $45 per share.

Uber posted a staggering $5.2 billion loss in its latest quarterly results, driven primarily by stock-based compensation costs. The company reported a per-share loss of $4.72 on revenue of $3.17 billion, both of which missed analysts’ estimates.

https://www.cnbc.com/

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