Acknowledging the rough ride on Wall Street since the March offering, Lyft's John Zimmer says he believes the stock is a good buy right now.
However, he said, "I feel like the stock is undervalued. We've had three quarters of beating expectations, and over time people will see us put up more numbers and it will solve itself."
Lyft priced its IPO at $72 per share on March 28. When trading started the next day, the stock was up as much as 23% during its first session,In early April, Lyft bounced around near its offering price. But since then, it plummeted nearly 40%, as of Tuesday's close. It's one of the worst-performing IPOs of the year.
Lyft President John Zimmer and CEO Logan Green speak as Lyft lists on the Nasdaq at an IPO event in Los Angeles March 29, 2019.Asked whether he thought the company priced the IPO too high, Zimmer said, "Over our course of history, we've made a lot of our investors a lot of money," expressing confidence that the company will be able to get the stock on track.that was smaller than analysts had forecast on better-than-expected revenue of more than $955 million.
However, Lyft's net loss of $463.5 million during the third quarter was much wider than the net loss of $249.2 million a year ago. The company blamed the increase in net losses on $246.1 million in stock-based compensation and related taxes tied to its IPO. Watch the full interview with Lyft co-founder and President John Zimmer on Wednesday afternoon at 3 p.m. ET on CNBC's
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
World Elite Mastercards add discounts with Lyft, Postmates, and more - Business InsiderIf you have the Citi Prestige or another World Elite Mastercard, you can now get discounts with Lyft, Postmates, and more
Baca lebih lajut »
Lyft Driver Attacks Female Passenger, Gets Beat Up By Other DriversThank God for these other drivers coming to this woman's rescue.
Baca lebih lajut »
Airbnb could choose direct listing over IPO in 2020 — 'We don't need the money,' CEO saysMost companies rushing to public markets 'need the money. We don't need to raise money and so we haven't been in a rush,' Airbnb CEO Brian Chesky says.
Baca lebih lajut »
An Overpriced IPO Won’t Help AramcoHeard on the Street: By insisting on a high starting price for Saudi Aramco, Crown Prince Mohammed bin Salman risks hitting local individual investors
Baca lebih lajut »
China private firms shun U.S. as investment, IPO destination, survey showsChinese private firms are shunning the United States in their overseas expansion...
Baca lebih lajut »