Market recap: Lyft sees shares sag after posting quarterly earnings loss

May 11, 2019 at 4:35AM
FILE -- John Zimmer, left, and Logan Green, the founders of Lyft, at a party celebrating the ride-hailing company’s IPO, in Los Angeles, March 29, 2019. In its first financial results as a public company, Lyft posted a loss of $1.14 billion for the first quarter, compared with a loss of $234.3 million in the same period a year earlier. (Alex Welsh/The New York Times)
Lyft, the ride-hailing company, reported a first-quarter loss far wider than the Wall Street forecast. (The Minnesota Star Tribune)

Rough ride: Lyft fell 6.1% to $55.72 Wednesday after the ride-hailing company reported a first-quarter loss far wider than Wall Street forecast. The ride-hailing company lost $1.1 billion in its first public quarter, primarily because it paid out $894 million in stock-based compensation and related payroll taxes during its initial public offering. The stock closed Friday at $51.09.

Revenue miss: CenturyLink dropped 6.3% to $10.70 Thursday after the communications provider reported weaker revenue for the latest quarter than analysts expected. The shares closed Friday at $10.89.

Bad trip: TripAdvisor shares fell 11.3% to $48.72 Wednesday after the travel website reported surprisingly low revenue as international sales were softer than expected. Shares closed the week at $47.47.

Tariff hit: Wynn Resorts shares fell 4.1% to $141.36 Monday as the broad market reacted a possible escalation in the trade war between the U.S. and China. Wynn gets about 75% of its revenue from China. The shares closed the week at $129.89.

Good insurance: American International Group rose 6.7% to $50.28 Tuesday after beating Wall Street's first-quarter profit forecasts. The insurer's solid quarter was driven by growth in underwriting revenue and premiums. Shares closed the week at $51.64.

Weak dose: Mylan's stock fell 15% to $23.96 Tuesday after the generic drugmaker reported weak sales growth that fell short of forecasts. The company and its peers have been dealing with pressure to lower drug prices. The stock closed Friday at $22.17.

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