Uber and Lyft close at record lows as investors lose faith in ride-sharing companies

These Wall street investors...they should just be talking to the drivers. They could have told them this a long time before wasting their money.

• Uber and Lyft fell to fresh lows on Tuesday, posting their lowest close ever.
• Both companies have had a particularly rough ride on the public markets since their respective IPOs earlier this year.
• Lyft and Uber’s leadership have said their companies’ peak losses should be behind them, but investors remain skeptical about whether they can turn a profit anytime soon.

Both companies have had a particularly rough ride on the public markets since their respective IPOs earlier this year, as investors continue to question whether Uber or Lyft can achieve profitability in the future. Uber and Lyft were trading on Tuesday more than 30% below their IPO prices of $45 and $72 a share, respectively.

Uber reported a net loss of $5.24 billion for its second quarter of 2019, blaming stock-based compensation costs. By comparison, Lyft lost $644.2 million in the second quarter, representing a significant jump from the $178.9 million it lost a year earlier.

https://www.cnbc.com/2019/09/03/uber-and-lyft-stock-close-at-record-lows-as-investor-skepticism-grows.html