- Shares of Uber closed at a record low on Monday, extending several trading days in the negative.
- The stock has continued to decline after Uber reported disappointing second-quarter results last week.
- Investors remain skeptical about whether or not Uber can achieve profitability in the future.
The stock dropped 7.6% to $37.00, falling below its previous low of $37.10 on May 13. Since its debut on the public markets in May, Uber shares have shed about 18% of their value from the company's IPO price of $45 per share.
Uber posted a staggering $5.2 billion loss in its latest quarterly results, driven primarily by stock-based compensation costs. The company reported a per-share loss of $4.72 on revenue of $3.17 billion, both of which missed analysts' estimates.
Investors continue to remain skeptical about whether or not Uber can achieve profitability in the future. Those concerns have put Uber and rival ride-hailing firm Lyft's shares under pressure in the months since their respective IPOs. Shares of Lyft fell 4.9% on Monday.
Early Uber investor Bradley Tusk told CNBC on Monday that the company needs to dominate in more areas than just Uber Eats and ride-hailing in order to become profitable.
"They've got to be that A-to-Z for transportation," Tusk said. "Whether you're getting yourself to A-to-B on a bike, scooter, or a car, bus, whether furniture being shipped on a truck, or a burrito from a messenger, they've got to be the default for all of that."
Correction: This story has been updated with the correct percentage fall of Uber's stock from IPO price.