Categories Technology

Lyft shares crash on second day of trading

Shares of ride-hailing giant Lyft shares took a nose-dive on Monday, its second day of trading, wiping any gains in made on its IPO day.

The Lyft stock fell at least 10.5%, hinting at a disappointing offering. Lyft opened on the Nasdaq at $87.24, spiking 21% on Friday. It later shriveled to $78.29 in the day, valuing Lyft at about $22 billion.

In the past year, Lyft had posted a loss of $911 million, even with the top-line rising two-fold to $2.16 billion. But with the absence of a timeline by the company on when it would turn to profit, investors seem to have lost interest in it.

With some analysts recommending ‘neutral’ to ‘hold’ ratings, the Uber rival is yet to see how it will be really received by the market.

By noon, Lyft shares were down at least 9.5% on Monday.

Lyft now operates in about 300 markets, with its active riders in the quarter growing three-fold in the last couple of years. Despite the major chunk claimed by Uber, Lyft holds about 39% of the US ride-share market.

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Add Comment
Viewing Highlight