One of last year’s biggest broken IPOs was Uber (NYSE:UBER), which shed a little more than a third of its value in 2019 after hitting the market at $45 in its springtime IPO. It’s been driving in the right direction this year, up 39% through Wednesday’s close.
Accelerating top-line growth since going public, smart promotional activity, and a blowout fourth quarter as it steers toward what is now inevitable profitability are turning Uber stock from last year’s dog to this year’s best in show. Let’s take a closer look at what the bears got wrong about Uber.
Every top dog has its day
Never underestimate a market leader in a booming industry. Uber and smaller rival Lyft (NASDAQ:LYFT) may have been ridiculed as debutantes