Post by cjm on Aug 10, 2019 17:29:06 GMT
Dropbox Inc. tumbled to an all-time low on Friday, extending a recent downtrend as the software company’s latest results failed to convince investors of the bullish narrative that analysts continue to push.
The stock dropped as much as 14% on volume that was more than three times the daily average, and the move erased more than $1 billion from the company’s valuation. Friday’s decline not only marked the biggest one-day percentage loss in the company’s history — it went public in March 2018 — but it took shares to record intraday lows.
The stock dropped as much as 14% on volume that was more than three times the daily average, and the move erased more than $1 billion from the company’s valuation. Friday’s decline not only marked the biggest one-day percentage loss in the company’s history — it went public in March 2018 — but it took shares to record intraday lows.