Pattern Group, one of the leading resellers on Amazon, took the plunge into the public markets on Friday, and saw its stock slip in its Nasdaq debut.
Trading under the ticker “PTRN,” the stock opened at $13.50 after the company sold shares at $14 in its IPO, the middle of the expected range. Pattern’s offering raised $300 million, with half the proceeds going to investors, and valued the company at about $2.5 billion.
The Utah-based company was founded by husband and wife duo David Wright and Melanie Alder in 2013 as iServe Products before changing its name to Pattern in 2019. Pattern currently ranks as the No. 2 Amazon seller in the U.S., based on the number of customer reviews, according to research firm Marketplace Pulse.
The company describes itself as an “ecommerce accelerator” that helps more than 200 brands optimize their sales on online marketplaces like Amazon, Walmart, Target and TikTok Shop. It sells tens of thousands of products across categories ranging from health and wellness, consumer electronics, as well as beauty and personal care. Some of its brand partners include Nestle, Panasonic and Skechers.
The tech IPO market has roared back to life in recent months after an extended dry spell. Ticket reseller StubHub debuted on the New York Stock Exchange on Wednesday, though its stock dropped in its first two days of trading. Online lender Klarna and Gemini, the crypto firm founded by Cameron and Tyler Wiklevoss, started trading last week. Peter Thiel-backed cryptocurrency exchangeBullish, design software company Figma and stablecoin issuer Circle have also recently hit the market.
In the second quarter, Pattern reported revenue growth of 39% from a year earlier to $598.2 million. The company recorded net income of $16.4 million in the second quarter, compared with $11.3 million a year earlier. Operating income came in at $30.1 million for the period versus $23.1 million in the same period last year.
The company competes with millions of merchants who hawk their wares on Amazon’s sprawling marketplace, where third-party vendors now account for more than half of all goods sold on the site. Pattern said 94% of its 2024 revenue came from consumer product sales on Amazon, with a “substantial majority” in the U.S.
Pattern isn’t the first Amazon seller to pursue an IPO. Pharmapacks, once the top U.S. Amazon seller, eyed going public via a special purpose acquisition company in 2021, before nixing those plans and filing for bankruptcy a year later.
Pattern is hitting the market at a time of major global trade uncertainty, a factor it acknowledged in its prospectus. President Donald Trump‘s tariff threats against trade partners have, for the past five months, sent shockwaves through markets and shaken businesses globally.
“There is significant uncertainty as to the potential actions of the U.S. government with respect to international trade policy and the impact of tariffs, particularly with respect to trade between the United States and China,” Pattern wrote in the filing.
Pattern said the tariffs and trade tensions between the U.S. and China could negatively impact demand for its products, or harm its ability “to sell brand partner products at prices consumers are willing to pay.”
CEO David Wright told CNBC in an interview on Friday that the company was trying to hold its offering “a few months ago,” but delayed because of the tariffs, which were first announced in April. Klarna and StubHub put their IPOs on hold after the market plummeted on Trump’s initial announcement.
But the company’s top risk, according to its prospectus, is its reliance on Amazon and what can happen if the ecommerce giant makes significant alterations.
Pattern said that should Amazon restrict its ability to sell products, terminate the relationship or see any big changes due to litigation or regulation, it “could adversely affect our continued growth, financial condition and results of operations.”
Wright said the Amazon challenge is unavoidable.
“No matter what you’re doing in this space, you’re going to be playing with them,” Wright said. As for Amazon suspending certain brands and sellers, “so long as you stay within the line, they’ve been a great partner for us,” he said.
The slump in stocks can partly be traced to a turnaround in sentiment regarding artificial intelligence. Tech behemoths such as Nvidia, Broadcom and Oracle slumped, with the last losing more than one-third in value since it rocketed 36% in September.
Investors, it seems, are growing worried over the high valuations of tech names, as well as the gigantic amount of capital expenditure they are committing to — with some, like Oracle, having to take on debt to fulfil those obligations.
Uncertainty over an interest rate cut in December is also putting a downer on Wall Street. It’s a coin toss as to whether the U.S. Federal Reserve will ease monetary policy then, according to the CME FedWatch tool. That’s a huge difference from a month ago, when traders were pricing in a 95.5% chance of a December cut.
Not having October’s employment and inflation numbers, and possibly never getting them, means the Fed lacks visibility into the state of the economy — and whether it should try to support the labor market or continue reining in inflation.
After all, flying blind makes it hard to see where you’ll land. As of now, that applies both to the Fed and investors trying to navigate the still-hazy ambitions of tech companies.
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And finally…
Oracle CEO Clay Magouyrk speaks at a Q&A following a tour of the OpenAI data center in Abilene, Texas, U.S., Sept. 23, 2025.
Two months ago, Oracle’s stock soared 36% to a record after the company blew away investors with its forecast for cloud infrastructure revenue. Since then, the company has lost one-third of its value, more than wiping out those gains.
The mood of late has turned, with investors questioning whether the AI market ran too far, too fast and whether OpenAI can live up to its $300 billion commitment to Oracle over five years. Of the big cloud companies in the GPU business, Oracle is expected to generate the least amount of free cash flow, said Jackson Ader, an analyst at KeyBanc Capital Markets.
Ticket reseller StubHub signage on display at the New York Stock Exchange for the company’s IPO on Sept. 17, 2025.
NYSE
StubHub shares plunged 20% in extended trading on Thursday after the company reported quarterly results for the first time since its initial public offering in September.
Here’s how the ticket vendor did in comparison with LSEG consensus:
Loss per share: $4.27
Revenue: $468.1 million vs. $452 million expected
During a conference call with investors, StubHub CEO and founder Eric Baker said the company wouldn’t provide guidance for the current quarter.
Baker said that the company takes “a long term approach,” adding that the timing of when tickets go on sale can vary, making it hard to predict consumer demand. StubHub plans to offer outlook for 2026 when it reports fourth-quarter results, he said.
“The demand for live events is phenomenal,” Baker said. “We don’t see anything with consumer demand that’s any different.”
Revenue increased 8% in its second quarter from $433.8 million a year earlier, the company said.
StubHub reported a net loss of $1.33 billion, or a loss of $4.27 per share, compared to a net loss of $45.9 million, or a loss of 15 cents per share, during the same period last year. StubHub said this reflects a one-time stock-based compensation charge of $1.4 billion stemming from its IPO.
Gross merchandise sales, which represent the total dollar value paid by ticket buyers, rose 11% year over year to $2.43 billion.
The company faced tough comparisons from a year earlier, when results were boosted by Taylor Swift’s massively popular Eras Tour. Excluding that impact, StubHub said GMS grew 24% year over year.
Founded in 2000, StubHub primarily generates revenue from connecting buyers with ticket resellers. It competes with Vivid Seats, which was taken public via a special purpose acquisition company in 2021; SeatGeek; and Ticketmaster parent Live Nation Entertainment.
“We are building a truly differentiated consumer product that improves the experience for fans while unlocking better economics for venues, teams, and artists through open distribution,” Baker said in a statement. “We’re early in that journey, but our progress so far gives us great confidence in our strategy and the long-term value we’re creating.”
StubHub raised $800 million in its long-awaited IPO on the New York Stock Exchange, which came after it delayed its debut twice. The most recent stall came in April after President Donald Trump‘s announcement of sweeping tariffs roiled markets. The company restarted the process to go public in August when it filed an updated prospectus.
On Thursday, the company’s stock closed at $18.82. Shares are now down roughly 20% from the IPO price of $23.50.
The Google corporate logo hangs outside the Google Germany offices on August 31, 2021 in Berlin, Germany.
Sean Gallup | Getty Images News | Getty Images
Google said on Thursday said it has disrupted the foreign cybercriminal group behind a massive SMS text phishing operation within 24 hours of filing its lawsuit.
“This shut down of Lighthouse’s operations is a win for everyone,” said Google general counsel Halimah DeLaine Prado. “We will continue to hold malicious scammers accountable and protect consumers.”
Google filed the suit early Wednesday, seeking to dismantle the organization that some cyber experts have dubbed the “Smishing Triad,” which used a phishing kit named “Lighthouse” to generate and deploy attacks using fake texts.
The company provided translated Telegram messages allegedly posted by the group’s ringleader.
“Our cloud server has been blocked due to malicious complaints. Please be patient and we will restore it as soon as possible!” one message read.
Another message stated that “The reopening date will be announced separately.”
Google did not provide specifics on how the operation was shut down.
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The crime group had harmed at least 1 million victims across over 120 countries, Google said in a release.
Victims would receive texts containing malicious links to fraudulent websites designed to steal sensitive financial information, including Social Security numbers and banking credentials.
The messages often appeared as fake delivery updates, unpaid fees notifications, fraud alerts, and other texts designed to appear urgent.
“They were preying on users’ trust in reputable brands such as E-ZPass, the U.S. Postal Service, and even us as Google,” DeLaine Prado previously told CNBC.
The company said that it found over 100 templates generated by Lighthouse using the company’s branding to trick victims into thinking the sites were legitimate.
