Shares of Uber Technologies Inc rose on Friday after the ride-hailing company la...
) rose on Friday after the ride-hailing company laid out an ambitious plan to be profitable by the end of 2020, a year ahead of its previous target as it tries to squash Wall Street doubts over its long-term viability.
Uber shares, which were down almost 50% percent at the end of last year from its public launch, jumped 7% in trade before the bell as investors were also smitten by the company’s aggressive plan to cut costs. “We give Uber major credit for finally listening to investors and putting the brakes on its 1980’s Rock Star-like spending habits,” brokerage Wedbush Securities said.
“ believe the focus on quality bookings shows discipline as Uber emphasized the era of growth at all costs is over,” analysts at JP Morgan said.Shares are up at $39.51 in pre-market trading.
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