Uber's stock just hit a new record low after last week's disastrous earnings report (UBER)
- Uber's stock price has sold off considerably following the company's earnings report last week.
- Shares closed at a fresh low on Monday, at $37.01, the lowest since May 13. The company priced its initial public offering on May 9.
- Follow Uber's stock price in real time on Markets Insider here.
Shares of Uber sank more than 7% to a new record low price on Monday, closing at $37.01.
The stock's previous bottom of $37.10 was hit on 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 the third-quarter, Uber has begun a series of cost cutting measures. In July, the company laid off 400 marketing employees around the world, followed by a hiring freeze on US- and Canada-based engineering roles.