Uber's stock just hit a record low after last week's disastrous earnings report (UBER)

Uber stock price

Shares of Uber sank more than 7% to a record low price Monday, closing at $37.01.

The stock’s previous bottom of $37.10 was hit May 13, two days after the ride-hailing giant’s initial public offering.

Last week, Uber reported second-quarter earnings that fell short of investor expectations and catalyzed a sell-off that sent shares down as much as 10%.

Despite the recent struggles, Wall Street remains bullish on the stock, with many analysts recommending the name as a buy.

“While there are considerable risks in ownership across the space given the intense competition, regulatory issues, and operating pressures, we continue to believe the risk/reward in owning the leader in this space is favorable and we remain Buy-rated,” Goldman Sachs’ Heath Terry told clients following the company’s earnings print.

In this third quarter, Uber has begun a series of cost-cutting measures. In July, the company laid off 400 marketing employees worldwide, followed by a hiring freeze on US- and Canada-based engineering roles.

Read more:Uber marketing employees describe a ‘bloodbath’ when the company laid off 400 employees in more than a dozen countries

SEE ALSO: Uber confirms a hiring freeze in the US and Canada through the end of the year as the ride-hailing giant ramps up cost-cutting efforts

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Source: businessinsider
Uber's stock just hit a record low after last week's disastrous earnings report (UBER)