Uber's stock just hit a new record low after last week's disastrous earnings report
- Uber's stock price has sold off considerably following the company's earnings report last week.
- Shares closed at a fresh low on Monday, at $37.01, the lowest since May 13. The company priced its initial public offering on May 9.
- Follow Uber's stock price in real time on Markets Insider here.
Shares of Uber sank more than 7% to a new record low price on Monday, closing at $37.01.The stock's previous bottom of $37.10 was hit on May 13, two days after the ride-hailing giant's initial public offering.
Despite the recent struggles, Wall Street remains bullish on the stock, with many analysts recommending the name as a buy."While there are considerable risks in ownership across the space given the intense competition, regulatory issues, and operating pressures, we continue to believe the risk/reward in owning the leader in this space is favorable and we remain Buy-rated," Goldman Sachs' Heath Terry told clients following the company's earnings print.
In the third-quarter, Uber has begun a series of cost cutting measures. In July, the company laid off 400 marketing employees around the world, followed by a hiring freeze on US- and Canada-based engineering roles.Read more: Uber marketing employees describe a 'bloodbath' when the company laid off 400 employees in more than a dozen countries
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