Uber’s Stock Disappoints, Capping a Rocky Path to Its I.P.O.

Uber’s Stock Disappoints, Capping a Rocky Path to Its I.P.O.

By 2014, Mr. Kalanick’s company had moved from noun to verb. To “Uber” somewhere meant to catch a ride, even as competitors with identical offerings popped up across multiple continents. Mr. Kalanick, known for his competitive spirit and no-holds-barred approach to capitalism, raised billions in venture capital, building a war chest to battle his rivals with subsidized, artificially lowered ride fares. By 2016, Uber’s valuation had soared well north of $60 billion.

[ who left California for low-tax, low-stress places like Texas, as their former start-ups stampede toward the stock market.]

The company ran into trouble in 2017. After years of cutthroat business tactics and a , harassment and other illicit behaviors, Uber’s reputation caught up to it. Mr. Kalanick was beset by multiple personal scandals, .

Since then, his successor, Dara Khosrowshahi, a former chief of the online travel marketplace Expedia, has made it his goal to clean up the troubled company. His motto has been to always “”

Mr. Khosrowshahi’s task is difficult. Though the company has spent millions to improve its brand, Uber’s reputation remains tarnished for some users. It must also improve its relationship with drivers, some of whom around the world on Wednesday to protest what they claimed were Uber’s unfair business practices.

[Here’s one man who has driven for Uber since 2012. .]

And then there are the losses. Uber and does not expect to become profitable in the near future as it spends on ride-hailing and to expand into new businesses, such as Uber Eats, its food delivery service, and its autonomous vehicle development.

Mr. Khosrowshahi has not fully explained how Uber plans to eventually turn a profit. But he frequently , the e-commerce giant that lost money for years as it diversified into other businesses before using its platform to turn a profit.

“What began as ‘tap a button, get a ride,’ has become something much more profound,” Mr. Khosrowshahi said in Uber’s paperwork to go public.