High-flying IPO stocks sell off after quarterly results


Three of Wall Street’s top-performing IPO stocks in 2019 tumbled late on Thursday after the companies’ quarterly results failed to satisfy investors and justify their high valuations.

Zoom Video Communications dropped 2% in extended trade, even after the videoconferencing provider’s quarterly results and full-year outlook beat analysts’ expectations.

Cybersecurity company Crowdstrike tumbled 8.7% after it reported better-than-expected results and gave upbeat quarterly guidance.

And business software seller Medallia tumbled 12.3% after its results also beat analysts’ average expectations.

In a year marked by disappointing public listings by Uber Technologies and Lyft, the stock performances…

Source cnbc.com

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