London is giving Uber the boot.
London authorities on Monday revoked the ride-hailing company's license to operate in the city, a move that would cut Uber off from its biggest European market. The ruling is on hold while Uber puts through an appeal.
After months of tension between London and Uber, experts weren't exactly surprised by the developments, taking Uber's over 1% decline on Monday in stride.
Here's how three of them, including Jim Cramer, reacted:
Cramer, the host of CNBC's "Mad Money" and a longtime stock picker, said Uber didn't have the same brand loyalty in the U.K. as it does across the pond:
"Look, anyone who's using them in London knows it's ... very inexpensive versus the rest, versus the traditional kind of guild. That's a guild over there for taxi drivers, and they're really busting it. So, it's a little different from here in New York or from other cities where the incumbents didn't have a lot of favor of the customers."
Imran Khan, CEO and co-founder of Verishop and Snap's former chief strategy officer, said this represents the start of "a new way of life" for multinational technology companies:
"I'm not [an] expert on what's going on at Uber, but I think there are two interesting trends we're seeing in general. No. 1, as [the] tech economy becomes a bigger part of the overall economy, there's obviously more scrutiny by government regulators all over the world. And when I was at Snap, I had to spend a lot of time with a lot of government organizations and things like that, and I think it's a new way of life."
Dan Ives, managing director at Wedbush Securities, said the decision raises concerns about Uber's top line:
"This would be a nightmare for Uber, especially the fact that it's about 3-4[%] revenue impact. If you think about the ramifications here, this has been a back-and-forth between Uber and London. But 3-4% could come off the top line. I think [the] company's caught flat-footed by this decision."