Uber, the popular ride-sharing application, isn’t having the best of times. The company’s stock is down, it’s struggling a bit, and there’s some confusion surrounding the whole business in general. However, CEO Dara Khosrowshahi has come out to say that he has zero regrets in making Uber public, referring back to its IPO from some time ago.
“I think we’ve got to do a better job in terms of telling our story to the markets. I think the company is executing very very well, and somehow it’s not getting through the noise,” says the CEO to David Faber and Jim Cramer on CNBC’s Squawk on the Street this Friday.
The man continues when specifically asked about the IPO, claiming that the situation was “a great day as far as bringing in, getting the company public, getting us funded to that path to profitability as well. At some points you just put your head down and you execute and the market short-term, while you can’t control the short-term, long-term the market will take care of itself.”
Unlike its direct competitor, Lyft, Uber saw its stock drop around 10% this Friday, due in part to Uber reporting second-quarter earnings that just weren’t up to snuff. These earnings included a $5.2 billion loss in the three-month-long quarter alone.
However, the CEO believes in his company. Khosrowshahi says that this loss is simply a “once-in-a-lifetime” drop. He, of course, is working on bringing Uber back into a profitable state. In fact, the man predicts a 30% revenue growth by the end of 2019 alone.
Lyft, on the other hand, plans to do so by raising its prices and cutting down on promotions that both ride-sharing applications are known for. We’ll have to see how that works out for the company, but it believes this is the next step to compete with the first-to-the-market Uber.