Published: Sat, April 20, 2019
Markets | By Otis Pena

Pinterest, Zoom shares surge in market debuts after IPOs

Pinterest, Zoom shares surge in market debuts after IPOs

Its stock was still above $24 in the evening, way above the $19 offer price, giving it a market value of £9.8 billion.

Zoom Technologies (ticker ZOOM) is not the company Zoom Video Communications (ticker ZM) that began publicly trading Thursday on the Nasdaq.

Originally planning on starting the IPO sale between the value of 28$ and 32$, changing the price range for share price ahead of its IPO to the price range of 32$ to 35$, while Zoom IPO actually started at 36$ per share.

Despite that insistence that its focus on visual discovery sets it apart from other social platforms, it's clear that Pinterest actually has a lot in common with social media companies like Facebook. Snap's stock also priced well in its IPO but is now down more than 30 percent below its IPO price.

Zoom, based in San Jose, California, had $330 million in revenue last year and profit of $7.6 million, making it one of the few profitable technology companies going public this year.

Questions have been swirling around demand for tech initial public offerings after Lyft, the nation's second-largest ride-hailing company, struggled to hold the gains it racked up in its high-profile stock offering earlier this month.

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Some analysts have expressed skepticism about the ability of Uber and Lyft to reach profitability soon, raising concerns about their valuation.

In 2018, the company recorded a net loss of $63 million on revenues of $756 million.

The company brings in revenue through advertisements, which are placed among the "pins" or posts that users upload on the site.

Zoom's offering was led by Morgan Stanley, JPMorgan Chase & Co., Goldman Sachs Group Inc. and Credit Suisse Group AG. Revenue, mainly through advertising, reached $736 million previous year and the company posted a loss of $63 million.

The social network has always been slightly different to its unicorn cohort - a little more conservative, less controversial and less flashy - but its IPO still popped. The first course of Zoom on the tech stock exchange Nasdaq price was 65 dollars, and more than 80 percent of the output.

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