NEW YORK (FOX BUSINESS) - Uber slumped more than 7% in its first day of trading as a public company on the New York Stock Exchange on Friday, debuting slightly below its initial share pricing and sinking further amid market volatility and concerns about its ability to transform from tech darling to profitable mainstay.
The ride-sharing giant priced shares at $45 ahead of its debut as it sought a valuation of roughly $82 billion. Trading began at roughly $42 per share. Analysts initially expected Uber to pursue a valuation of up to $120 billion. Even at the lower share price, Uber's IPO is one of the largest in U.S. markets history.
Uber stock closed at $41.57 on Friday. The company's market capitalization sank below $70 billion at the close.
Uber's main services include its ride-sharing business, its food delivery service UberEats and a shipping fulfillment arm called Uber Freight. The company is also one of several firms developing autonomous driving technology.