Business 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. 06 Sep 2019 06:10AM Bookmark SAN FRANCISCO: 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 4per cent in extended trade, even after the videoconferencing provider’s quarterly results and full-year outlook beat analysts’ expectations.Cyber-security company Crowdstrike tumbled 8per cent after it reported better-than-expected results and gave upbeat quarterly guidance.And business software seller Medallia tumbled 13per cent after its results also beat analysts’ average expectations.In a year marked by disappointing public listings by Uber Technologies and Lyft , the stock performances of Zoom, Medallia and Crowdstrike have stood out since their IPOs.Prior to Thursday’s after-hours declines, Zoom was up 157per cent from its initial public offering in April, Crowdstrike had risen 155per cent since it went public in June, and Medallia was up 74per cent from its IPO in July.The sell-offs on Thursday, even after the money-losing companies beat consensus expectations, suggest investors may be becoming more concerned about high valuations.Crowdstrike traded… Read full this story
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