Uber is how we viewed Amazon a decade ago, tech analyst says
Wedbush managing director Daniel Ives reacts to Uber’s first earnings report and explains why investors should avoid Tesla.
Uber reported a $1 billion loss in its in first post-IPO quarterly results, but some analysts say it the ridesharing company will survive in the long term.
"Uber is a disaster but it will find its sea legs," Wedbush managing director Daniel Ives told Fox Business’ "Countdown to the Closing Bell" on Friday. "We view it similar to how we viewed Amazon a decade ago" adding that "it's really about eats," referring to Uber Eats. "Can they monetize the platform."
Uber has an uphill battle, but the tech analyst believes they have a unique opportunity with 100 million consumers to monetize. On Thursday’s earnings call, Uber pointed out that the price war with its competition is starting to diminish.
"What they are getting is a percent of rides, that's about 20 percent in line," Ives said. "If you have a long term time horizon you buy Uber."