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00:00:00
lift raced out of the gate Tuesday with better than expected revenues in its first quarterly report as a public company sells just about doubled from a year ago coming in at seven hundred and seventy six million dollars but the money losing ride sharing company saw its losses swell to one point one billion dollars in the quarter due to expenses tied to its market debut when it comes to newly listed companies however Wall Street is all about sales growth and according to Reuters Silicon Valley corresponded Alexandria sage that's what lift deliver ridership is Bob the number of riders as well as how much each rider is spending at left on all that shows %HESITATION it continued growth the problem of course is that %HESITATION investors have been getting used to these these really robust growth numbers like they posted this this quarter ninety five percent growth as well that may not be sustainable that fear is one of the reasons why she has of lift of slumped eighteen percent from their seventy two dollars offering price lift may have been the first major ride sharing app to go public but much bigger rival over set to make its market splash this week investors are looking to lift for any clues on how the Hoover IPO Mike go there was a lot of good things in lists or report and some investors will wonder how much market share they're taking away from uber and is over fighting back that will affect uber's margins and both are facing labor problems lift and uber drivers are planning to strike worldwide on Wednesday to protest falling wages a day before the uber IPO one of the biggest tech offerings in years is set to price