Uber Technologies has had a difficult first few days as a public company. Since its initial public offering hit the exchanges on Thursday, shares fell about 16.6% as of midday Monday, resulting in a $12.6 billion loss in shareholder value. Shares of the ride-sharing company's closest peer and main competitor, Lyft, fell 12% over the same period and are almost 30% lower than its initial offering price over the first 30 trading days.
Profitability is among the market's chief concern about both companies. Uber addressed these concerns pre-IPO by lowering its valuation twice and eventually setting its offer price at the lower end of its estimate range. Uber is also struggling with unrest among its driver force, which is unhappy about the company's labor practices and threatening to strike.