$7 billion wiped off Uber's valuation during Monday's trading alone

Uber shares have dropped a further 10% during Monday morning trading, a steeper drop than initially expected for the newly public company.

As reported in the San Francisco Chronicle Shares dropped to a low of $37.22 at around 9:30am New York time, taking the controversial ride-sharing app's valuation to around $62.4 billion.

Although that is still a huge figure, it's almost half the valuation that was spoken about a few months ago.

The Silicon Valley giants have never turned a profit and have openly admitted they may never do so.

The firm published figures that show it has lost $10 billion in operating losses for the past three years, with a revenue of $11.3 billion for last year and a 2018 loss of $1.8 billion.

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