NEW YORK (AP) — Uber shares are down 7% and trading below 0 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 5 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 1.3 billion, but the company admits it could be years before it turns a profit.
Uber closed Friday at 1.57 and shares in Lyft fell about 7%.