Uber the rideshare tech company, its stock tanked on its first official trading day on the NYSE, Friday, May 10, 2019 will be a day of turmoil on the Uber corporate calendar. It was a horrible trading day for the mammoth ride sharing tech company.
Uber declined close to 8% during the stock market trading day. The stock plummeting so much (in which it did), is the first time any stock has come out the gates on Wall St and lost so much market share. The valuation of Uber was at $76 billion dollars, when analysts had predicted that it would be valued around $90-$100 billion dollars, well that didn’t happen. Not only that, Uber has been bleeding money and the perception is that, Uber won’t actually make any real money until the year 2024, hopefully.
Uber being one of the biggest IPO companies probably since Alibaba, Facebook and a few others. So it to falter as it did was a shocker to some and to others, not so much. Technology companies tend not to fare well in the beginning of their IPO presence. Facebook had a rocky start coming out the gates and other big tech companies before it, have gone through similar revelations.
It’s the test of time that will dictate the longevity of Uber’s existence and if they can navigate their ship in theses rough and turbulent stock market waters. -SB
Host Sammy BE (Businessman Bassey), along with his co host James Lymon interview rising Millennial Youtube sensation, The Brie Twins. Discussing their continued rise using the Youtube platform, and how Youtube and social media has helped them attain a fan base and growing following, as well as them excelling in their own respective careers.
Discussed in the interview, were topics on the internet, social media, Youtube and other platforms. Such was questions such as how can and may help millennials/gen z to progress in their media careers? but also the pros, cons, and stresses of social media; especially on trying to attain an expanding outreach and the difficulties in doing so…
This is definitely an episode you don’t want to miss, also remember to continue to #StayBlessed & #GodBless… Podcast episode below…
Snap Inc (Snapchat) opened and closed today on the tech boards. It was one of the few Tech IPO’s that successfully launched in 2017, thus far. Analysts had placed the valuation of Snapchat @ $24 share, and it skyrocketed closing 44% higher then when it started. It beat expectations closing above the $24/share prediction by observers.
Snapchat is trading under the ticker symbol SNAP on the NYSE. The market capitalization of Snapchat is around $33 billion dollars, noted by analysts and researchers alike.
Snapchat mobile app, was created by 26 year old tech billionaire Evan Spiegel and co founders Bobby Murphy, Reggie Murphy, when they were college students at Stanford. -SB
It seems that Uber and Lyft are crushing the competition in the customer service ride share industry, if that is even an industry to say the least; these two mega companies created and infiltrated ride share customer service. While they are in the forefront of picking up customers through their online apps, taxis and cabs in metro areas like NYC, Miami, Chicago, Atlanta, LA, San Francisco are taking hits and seeing major declines in customer pick ups.
Taxi and cabs are increasingly losing value as the ride share tech giants are taking over the industry, revenue for cabs have gone done drastically even though cabs pickup more people in metro areas such as New York City, statistics show in NYC, taxis in the city picked 450k-500k passengers in April 2016 as compared to Lyft’s & Uber’s 200k passengers combined according to stats provided by Morgan’s Stanley. Though taxis and cabs picked up more people during that time period; their revenue did not come close to what Uber/Lyft made during that month of April.
It looks like Lyft and Uber are giving cab/taxis a run for the their money, or at least “a ride for their money”. -SB