Uber got some good news on Monday when a U.K. judge ruled that the company could get back its license to operate in London. That sent Uber’s shares up 3%. That makes sense, you might think, since London is Uber’s most important market, where it has made plenty of money.
But Uber never stopped operating in London: It was allowed to continue its ride-hailing business while it appealed the license revocation. Whether or not London authorities would ever have really forced out a major provider of transportation in the city is debatable. Then, so is Uber’s share performance this year: The stock is up 20%, just a bit behind the Nasdaq, which, as we all know, has been on a surge in recent months.