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Lyft shares come back down to earth

That was fast: On their second day of trading yesterday, shares in Lyft fell 12 percent, to $69.01, below their I.P.O. price. That darkens the outlook for the ride-hailing company, and for other tech unicorns planning to go public.

Lyft crashed below its I.P.O. price quickly. Other tech companies with big losses, like Groupon, Twitter and Snap, have suffered the same fate, but it took a while — almost two weeks, for Groupon.

Investors may be worried about Lyft’s losses. The company lost nearly $1 billion last year. And it can’t say when it will turn a profit, as it plans to invest heavily in technology like autonomous vehicles.

Other I.P.O. candidates have reason to worry, too. Lyft’s troubles suggest that no one — not underwriters nor investors — knows how to value a company with such sharp growth and steep losses. “The ones following in the wake of Lyft will be priced more reasonably,” Kathleen Smith of Renaissance Capital said.