Uber shares were down 8% in morning trading and dipped below $38 after the opening bell.
Monday was the first full day of trading for the ride-hailing company after its rocky debut on the stock market Friday. Its shares had been priced at $45 each.
It’s rare to see shares in a tech company hit so hard upon going public. Over the past five years, just 10% of similar companies finished their first day of trading below their IPO price, said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO focused funds.
Uber’s revenue last year surged 42% to $11.3 billion, but the company admits it could be years before it turns a profit.
Uber closed Friday at $41.57 and shares in Lyft fell about 7%.