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’s earnings also serve as an indicator for the performance of Uber, which will report results on Thursday.
Lyft on Wednesday said first-quarter revenue rose by 23 per cent to $955.7 million from the previous year, well ahead of a $884.7 million estimate by Refinitiv. The company’s active ridership base increased by 3 per cent to 21,200, while revenue per active rider increased by 19 per cent. 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.Customers in the United States provide the bulk of revenue to both companies and the most damaging fallout for the ride-hailing industry is expected in the second quarter of this year. Lyft on Wednesday did not provide a forecast for the second quarter.
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