Uber’s long-anticipated debut on public stock markets failed to live up to expectations on Friday, with the company’s stock falling 7.6 percent during its first day of trading. As the closing bell rang, Uber’s stock was worth $41.57, valuing the entire firm at $76 billion.
Uber has suffered from steadily diminishing expectations in recent months. When Uber solicited proposals from banks to handle the massive stock offering, some banks reportedly estimated that the company could be worth as much as $120 billion. By the time Uber’s shares actually went on sale, the company was seeking a more modest $82 billion. Now the company isn’t worth even that much.
Still, Uber raised $8.1 billion in the initial public offering, replenishing the company’s warchest. That’s important because Uber has yet to turn a profit. In fact, Uber reportedly lost more than $1 billion in each of the last three quarters.