Uber Drops to Record Low as ‘Frustrations’ Persist Over Outlook

A monitor displays Uber Technologies Inc. signage during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, May 10, 2019. The No. 1 ride-hailing company's shares will start trading on the New York Stock Exchange after it raised $8.1 billion in the biggest U.S. IPO since 2014, pricing shares at $45 each.Photographer: Michael Nagle/Bloomberg

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By Tatiana Darie

August 14, 2019 at 3:03 PM UTC

This article is for subscribers only.

Uber Technologies Inc. shares, which have spent more time below their recent IPO price than above it, fell to a record low Wednesday, as market sentiment broadly soured on fears of a global slowdown and amid lingering disappointment with last week’s second-quarter report, according to analysts.

The stock dropped as much as 6.5% to $34.10, the lowest price since its May debut, as major averages slumped 2%. Uber has lost 24% of its value since it began trading, with much of that slide occurring in the week since its earnings, which came on the heels of a better-than-expected report from ride-hailing competitor Lyft Inc. Uber, by contrast, missed revenue expectations and posted a $5.24 billion net loss, its biggest ever.