Uber capped off a rocky first day of trading on Wall Street with its shares closing at $41.57, down almost 8% from their starting price of $45.
It's uncommon for shares in a company with such a high profile to stumble out of the gate.
The disappointing performance reflects financial market turmoil due to trade tensions and lingering doubts about whether fast-growing ride-hailing companies will ever turn a profit.
Despite the volatile stock market, Uber CEO Dara Khosrowshahi said he did not consider postponing Uber's IPO date.
Shares in Lyft, Uber's chief rival, slumped to $51.09 Friday, 29% below their IPO price.
SharesPost principal analyst Alejandro Ortiz said the timing for Uber trading to start was bad with the uncertainty over the trade spat with China. He said that if you saw value in Uber at its IPO price of $45, nothing has changed in the last 48 hours.
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The baton is taken by ?@jdroege?. #takingcharge pic.twitter.com/df6AKISXXC
— dara khosrowshahi (@dkhos) May 10, 2019
