Lyft revenue surprises with 23% rise, 'on path to profitability' despite coronavirus
) on Wednesday surprised investors with higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable as the U.S. coronavirus lockdown batters the economy.
The first-quarter results offer a first look at the impact of strict stay-at-home orders to combat the spread of the virus in many of the ride-hailing industry’s largest markets. Lyft on Wednesday said first-quarter revenue rose by 23% to $955.7 million from the previous year, well ahead of a $884.7 million estimate by Refinitiv.
For April, rides were down 75% year over year but Chief Executive Logan Green said Lyft saw moderate week-on-week growth in ride requests starting in mid-April. But while Lyft has been strictly focused on moving people, Uber might be able to recuperate some lost ride-hailing revenue through its food delivery business.
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California Sues Uber, Lyft For Not Making Drivers EmployeesI’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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