FT News Briefing Friday, May 17
May 17, 2019
Shares of Pinterest plummet after a lackluster earnings report, while Luckin Coffee secures a $561 million IPO, challenging Starbucks in China. UK Prime Minister Theresa May hints at her resignation timetable amid political turmoil, as attention shifts to Australia's contentious federal election. The ongoing leadership instability in Australia since 2007 raises concerns over economic and climate issues among voters. Tensions run high as the nation braces for significant electoral changes.
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Pinterest's Post-IPO Tumble
- Pinterest's stock dropped 19% after their first earnings report since going public.
- The company reported a larger loss than analysts predicted and lower revenue expectations.
Luckin Coffee's IPO Success
- Luckin Coffee raised $561 million in its U.S. IPO, reaching a $4 billion valuation.
- It plans to surpass Starbucks in China by opening new locations rapidly.
May's Exit and Johnson's Rise
- Theresa May announced her resignation timetable, tied to her Brexit deal's fate.
- Boris Johnson is expected to run for her position.