Uber went public last Friday but the company is far from making money. The initial public valuation is well below the $100 billion or more the company was reportedly shooting for as recently as last month. And it’s only about two-thirds of the $120 billion number that investment bankers were hyping last year.
Other factors surely weighed on Uber’s IPO. At the end of last month, the company updated its IPO documents to include its preliminary estimate of its first-quarter results. The report wasn’t good. The ride-sharing app operated at a loss of $3 billion in 2018 after losing more than $4 billion the previous year.
But that’s not all the bad news Uber is contending with today. The stock market has plunged this week, and many of the major indexes are now down over the past month. Investors are growing increasingly worried about market volatility. This despite the fact that IPO managers try to time IPOs to avoid such periods.
On top of that was last week’s strike by Uber and Lyft drivers. Though it probably didn’t have much impact on Uber’s financials, the labor action highlighted the growing discontent among the people who deliver its core service and the pressure it’s under to increase their pay.
In contrast, the employees of Boston Corporate Coach aren’t going anywhere. Our chauffeurs are top notch and our team member who work in the office are always cheerful and helpful to our valued customers.
Don’t let the fact that Uber went public impress you. After reading about all the problems the rideshare app has been battling, why support a company like Uber? Instead, choose the industry leader, Boston Corporate Coach™ for all your transportation needs. We offer a wide selection of vehicles without any drama. That’s why busy executives count on Boston Coach. You can too. Just call +1-800-664-4480 to make your reservations or visit https://bostoncorporatecoach.com/reservations/. You can also download the Boston Corporate Coach app on Apple or GooglePlay.