Even after Lyft beat, Wall Street pummels former unicorns

The day’s selling in those stocks reflects investors’ growing distaste for a wave of high-profile companies that went public this year, many of them cloaked in the trappings of technology companies worthy of the highest valuations, despite being unprofitable.

Underscoring Wall Street’s increasing selectiveness, Lyft’s stock fell after it said higher-than-expected third-quarter revenues and an improved outlook showed it was well on its way to profitability by the end of 2021. Online scrapbook company Pinterest is up 32% since its April IPO, making it among the more successful of this year’s series of IPOs from “unicorns” - rare startups valued at over $1 billion. It is trading at almost 10 times expected revenue, according to Refinitiv, a high valuation common among the group.

Wall street should have less power over corporations.

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