Can Uber and Lyft ever make real money?
Ride-hailing seems a long way from generating riches for investors
IT HAS BEEN a bumpy journey for investors in Uber, the world’s biggest ride-hailing company, since it was listed in 2019. In its first six months as a public company Uber’s share price plunged by a quarter as doubts swirled over whether the perennial lossmaker would ever turn a profit. Thereafter it has seesawed, soaring amid the pandemic-era craze for tech stocks, then diving back down as rising interest rates spoiled investors’ appetite for businesses reliant on cheap funding.
This article appeared in the Business section of the print edition under the headline “Not-so-super pumped”
From the August 12th 2023 edition
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