Lyft shares tumbled about 19%. The ride-hailing company's strategy to claw back market share from rival Uber with lower fares stoked concerns of a hit to its profit margins.
The company's market capitalization declined by nearly $800 million to about $3.3 billion, a far cry from the more than $24 billion valuation it commanded in its 2019 stock market listing. Uber has a valuation of more than $75 billion.
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