(Bloomberg) -- Some of the hottest initial public offerings of the year are getting cooler receptions after earnings reports put some of the massive share gains in perspective.
As the S&P 500 Information Technology Index climbed higher on Friday, CrowdStrike Holdings Inc. and Zoom Video Communications Inc. were among recent debuts that saw triple-digit share price gains shrink after strong earnings reports. CrowdStrike sank as much as 13% despite revenue forecasts that topped the highest analyst estimates, while Zoom slipped 6.9% even though its results were widely praised.
Slack Technologies Inc., a direct listing that surged 49% from its reference price in its first day of trading, has fallen 11% in the two days since reporting second-quarter earnings. The collaboration software company’s third-quarter sales forecast disappointed even though it exceeded the average analyst estimate at the midpoint.
Cloud software company Medallia Inc. dropped as much as 9.5% on Friday after an earnings report that William Blair called “solid.” The stock is still up 65% since its debut on July 18.
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