Uber shares continue sliding in first full day of trading, dipping below $38 after the opening bell.
Uber shares sunk even further after its disappointing stock market debut as doubts lingered over the company's ability to turn a profit and trade tensions dragged down the overall market.
The mounting losses followed Uber's disappointing initial public offering. On Friday, it took a $617 million hit — the largest loss on the first day of trading by a U.S.-based company in recent history, according to Renaissance Capital. Among the recent big investors — and perhaps losers — is PayPal, which had disclosed plans to buy $500 million in Uber stock at the IPO price of $45.
"It's clearly a high-risk, high-reward scenario. You're betting on something that may happen 10 years down the road," said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO exchange traded funds."Public investors are looking at profits and not seeing any, and the company's growth in the last quarter was relatively strong, but I don't think it blew anyone away.
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