Lyft Inc's stock slumped nearly 11% on Wednesday to a record low after the ...
SAN FRANCISCO - Lyft Inc’s stock slumped nearly 11% on Wednesday to a record low after the ride-hailing company posted a deep quarterly loss, putting pressure on Uber Technologies Inc as it prepares to price its initial public offering.
Lyft’s sharp decline since its Wall Street debut will weigh on investors considering whether to buy shares of larger rival Uber, which is slated to price its own IPO on Thursday. Uber will need to convince potential investors that it is different from the Lyft, and that could include highlighting its international operations and Uber Eats food delivery service.
Investors have struggled to figure out how much Uber and Lyft are worth, given both companies have not estimated a timeline for turning a profit. Some investors believe the eventual adoption of autonomous cars will help make the companies profitable.
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