Taxi Driver Online

This IPO was for investment only, existing shareholders can only sell in September at the earliest.

Just after their August numbers come out.

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IDFIMH

Uber to Cut About 400 Employees, Citing ‘Mediocre Results’

Uber Technologies Inc. said it’s cutting a third of its marketing department globally, as the chief executive officer seeks to address concerns that the business is slowing down.

The ride-hailing company will dismiss about 400 employees. Dara Khosrowshahi, the CEO, told employees of the changes in an email Monday.

“Today, there’s a general sense that while we’ve grown fast, we’ve slowed down,” Khosrowshahi wrote in the email reviewed by Bloomberg. “This happens naturally as companies get bigger, but it is something we need to address, and quickly.”

Uber went public in May and currently trades just below the IPO price. The San Francisco-based company and its hometown rival, Lyft Inc., are under pressure from investors for heavy losses. Bloomberg also first reported on Monday that Lyft is parting ways with its chief operating officer, Jon McNeill, after less than two years on the job.

The staff reduction represents about 1.6% of Uber staff globally. It’s the first major reorganization of the marketing and communications arm since Jill Hazelbaker, a longtime executive, took control of the group last month. She succeeded Rebecca Messina, the former chief marketing officer who oversaw a team of about 1,200 during her nine-month tenure with the company.

“Many of our teams are too big, which creates overlapping work, makes for unclear decision owners, and can lead to mediocre results,” Khosrowshahi wrote to staff. “I’m here to win a race that really, really matters.”

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IDFIMH

Uber share price now $39.15, about 24 hours before they publish their quarterly earnings.

Down 13% since IPO.

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IDFIMH

Traders and markets making millions

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Of all the things ive lost, i miss my mind the most

Interestingly Uber's share price rose 8% yesterday to $42.97, still down loads from IPO.

However once it announced its' results, at the end of trading, it fell 6% to finish $39.70 overnight.

Quite a good analysis in this link, which includes some graphs, so better to click than me copy and paste.

https://news.crunchbase.com/news/why-ub ... t-fell-10/

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IDFIMH

I'm still not tempted to buy no matter how hard you try to sell it M

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

I wouldn’t wish Uber shares on anyone.

Apart from maybe Corbyn and Sturgeon.

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IDFIMH

Uber shares closed at $37.00.

Down 17.77% since IPO.

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IDFIMH

Closed today $33.84.

Down 24.8% since IPO.

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IDFIMH

Another fascinating article about Uber, and how much overvalued it is.

https://www.forbes.com/sites/greatspecu ... 07c91336b0

The bottom line: it is hard to justify paying anything more than $22 billion for Uber, a 65% downside to the current market valuation.

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IDFIMH

Uber have lived the lie for so long people will always take articles like that with a pinch of salt

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

In the short term you could well be right, however in the medium and long term, when the money runs out, people like the author of the article, and others like Hubert Huron will be proved 100% spot on.

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IDFIMH

Shares closed this week $33.38, down 26% since IPO.

About $4 Billion wiped off their share price this week.

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IDFIMH

but all the early investors and mr angry will have already made their money so it probably doesn't matter as the rest will expect shares to head the right way next year


unless they get a load of bad news

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

But not many of the early investors have sold.

Many will try and sell in October, but they anticipated last year to be selling at $80-90, but looks like they will only be getting a third of that.

Also the big investors like Soft-bank and the Saudis are looking at billions and billions of lost dollars.

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IDFIMH