Uber CEO Dara Khosrowshahi has no regrets about taking the company public despite the stock’s poor debut and continued struggles. He said investors are misunderstanding the company as the shares plunged following a massive loss.
“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,” Khosrowshahi told CNBC’s David Faber and Jim Cramer on Squawk on the Street on Friday.
Asked if he has any regrets about the Uber’s initial public offering, the CEO said “it 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,” he added.
Shares of Uber tanked nearly 10% Friday after the ride-hailing giant reported disappointing second-quarter earnings, including a massive $5.2 billion loss in the three-month period. The stock has been trading below its IPO price of $45 since early July.
Khosrowshahi said the company’s staggering loss in the second quarter is a “once-in-a-lifetime” hit as he tries to steer it toward profitability. He added that Uber is targeting 30% revenue growth in the back-half of the year.