Lyft shares plunged Monday in just its second day of trading. The second-leading ridesharing company saw shares drop over 11% in Monday morning trading to around $69.
This number is below Lyft’s IPO opening price Friday of $72 per share. On Friday, Lyft stock closed up 8% and traded high as $88.50. The stock began trading on Nasdaq at $87 per share Friday but have dropped since then.
Lyft still has a stock market cap of $22 billion.
Lyft lost $911 million in 2018 on revenues of $2.1 billion. The company hasn’t said when or if it will ever become profitable.
Uber, the nation’s largest ridesharing service, is expected to go public next month.