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.
And business software seller Medallia tumbled 13per cent after its results also beat analysts' average expectations. 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.
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