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Wednesday April 1st, 2020 7:47PM

Uber gets hit again; shares below $40

By The Associated Press
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NEW YORK (AP) — Uber shares are down 7% and trading below $40 before the opening bell.

Monday will be the ride-hailing company's first full day of trading after its rough initial public offering Friday when it offered shares for $45 each.

It's rare to see shares in a tech company hit so hard on going public. Over the past five years, just 10% of similar companies finished their first day of trading below their IPO price, said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO focused funds.

Uber's revenue last year surged 42% to $11.3 billion, but the company admits it could be years before it turns a profit.

Uber closed Friday at $41.57 and shares in Lyft fell about 7%.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Technology News
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