Uber ends its first day of trading down more than 7%.
Uber dropped 7.6% on its first day of trading on the New York Stock Exchange Friday. The IPO, which was the most highly anticipated debut so far this year, began trading at $42 per share after pricing its IPO at $45 Thursday night. The stock closed below $42 per share with a market cap of $69.7 billion.
Uber is now the second ride-hailing company to hit the U.S. public market, following Lyft's debut in March. Both companies have been heavily scrutinized for continuing to post big losses, but many investors are also intrigued by the entrance of the new industry onto the public exchange. As Uber began its first day of trading, Lyft's stock was down more than 7%.
Like Lyft, Khosrowshahi said 2019 should be the company's peak year for losses. Uber has been comparing itself to Amazon in its pitches to investors, which also infamously was not profitable at its IPO. While some analysts are dubious of the comparison, they also recognize investors' fear of missing out on the next big thing. In his CNBC interview, Khosrowshahi said he stands behind the comparison despite the differences between the two companies at their IPO.
Even with shares priced toward the low end of its target range, Khosrowshahi is unconcerned with reaching those goals.
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