Lyft Plunges to Low as Loss Overshadows Revenue Growth
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Lyft Inc. shares tumbled to a record low on Wednesday after the newly public ride-sharing company reported a steep quarterly loss that was seen as offsetting better-than-expected revenue growth.
Shares fell 11% to $52.91 in New York, its lowest price since becoming a public company in March. The slide, its third decline in as many days, trimmed its market value to $15.25 billion, near the $15.1 billion private value prior to its offering. The stock has lost 27% since its debut. The rout comes as its larger competitor, Uber Technologies Inc., plans to price its IPO Thursday night.