hares plunged this week after its first earnings as a public company.
Uber was the biggest of a group of Silicon Valley startups that have spent ye
ars raising money in private rounds at record prices. Many of these companies are
now looking to follow with their own IPO. Some, like Uber and Lyft, are unprofitable.
Workplace messaging company Slack Technologies Inc plans to hold an investor presentation on Monday in adv
ance of its direct listing next month. Grocery and food delivery platform Postmates, WeWork owner The We Co
mpany and online mattress retailer Casper Sleep are among startups seeking to launch IPOs this year.
“If a venture capital investor wants to burn cash they can do that as long as they want, but on
ce you get to the public markets you have to show profitability or a path to it,” said Jordan Stuart, a por
tfolio manager at Federated Kaufmann who often purchases companies’ shares during an IPO.