Ride-hailing firm Lyft Inc on Monday forecast current-quarter revenue below Wall Street estimates as user growth on its platform slows, losing out to bigger rival Uber Technologies Inc and sending its shares down 13%.
on Monday forecast current-quarter revenue below Wall Street estimates as user growth on its platform slows, losing out to bigger rival Uber Technologies Inc and sending its shares down 13%.
Uber controls a bigger chunk of the rideshare market share and has operations outside of the United States, while also benefiting from its food delivery business. "Historically in a recessionary environment ... transportation is durable because we need to get around, but delivery and takeout is less durable," Lyft President John Zimmer said in an interview.
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