) on Wednesday posted higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable, saying ridership hit by the coronavirus pandemic had improved in late April.
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. Based on April volumes, Lyft expects a second-quarter loss of less than $360 million before interest, taxes, depreciation, and amortization.
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. Unlike Uber, Lyft only operates in the United States and parts of Canada, where many states imposed lockdown restrictions towards the end of March. FILE PHOTO: Lyft supporters gather for the Lyft IPO as the company lists its shares on the Nasdaq in the first-ever ride-hailing initial public offering, in Los Angeles, California, U.S., March 29, 2019. REUTERS/Mike Blake
Source: News Formal (newsformal.com)
I drive LyftBlack in Nashville Livery TownCar from Apollomotors Chicago that uses unleaded88 a biofuel to save air quality from traffic nanoparticles that go deep in lungs entering arteries harming weak places, causing premature deaths. Love this earthsaving vehicle.
tempting me to start driving Lyft again. I'll wait and start Ubereats first and see how I feel about it.
I can't see how lyft is on path to profitability when pandemic forces people to remain in distance. The worry in people instilled by this pandemic will make them rethink their views on ride-sharing & ride hailing.
boycott uber who take Saudi blood $
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Lyft sees rider demand rebound in late April, 'on path to profitability'Lyft Inc 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. May3Attack Cc: The World 🗺 RETWEET
Source: Reuters - 🏆 2. / 97 Read more »
Uber and Lyft face landmark lawsuit over gig worker classificationCalifornia AG Becerra files lawsuit against Uber and Lyft, alleging that they have evaded state law by declaring their workers to be contractors rather than employees. Hopefully the state can win this one. They are contractors. The drivers are fully aware of the conditions surrounding their working classification with Uber/Lyft when they agreed to their terms. If they don’t like it, don’t drive for them. Another example of government making it hard for business to do business.
Source: NBCNews - 🏆 10. / 86 Read more »
California sues Uber, Lyft over misclassifying drivers as contractorsCalifornia and three of its largest cities on Tuesday sued Uber Technologies Inc and Lyft Inc , accusing them of classifying their drivers improperly as independent contractors instead of employees, evading workplace protections and withholding worker benefits. What an interesting development. Idk if Uber or Lyft can survive if their drivers are treated like standard company employees. If the driver is driving for more than 32 hours a week (the threshold for being a full-time employee) then they should be a 'employee' versus being part-time and being considered a 'contractor'. Good on them. Labour arbitration as a business model, where companies try to avoid their responsibilities toward their employers, must be stamped on aggressively.
Source: Reuters - 🏆 2. / 97 Read more »
California Sues Uber, Lyft Saying They Misclassified Drivers as Independent ContractorsCalifornia sued the companies for allegedly misclassifying their drivers as independent contractors instead of employees, a move that intensifies a battle between the ride-hailing giants and their home state. Is California keep up most businesses will leave the state And they should sue California/Newsom for forcing them to close all their businesses California is constantly suing everyone that they can. It's how the state pays their bills. 🙄
Source: WSJ - 🏆 98. / 63 Read more »
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. rachsandl Watch the California gig economy dry up in three, two, one.... rachsandl Leave it to government to kill the ride-sharing industry. Was this pressure from big donor taxi companies or just typical leftist intervention into the market to collect more taxes?
Source: Forbes - 🏆 394. / 53 Read more »
California is suing Uber and Lyft over alleged worker misclassificationUber and Lyft were hit with a fresh lawsuit on Tuesday by California Attorney General Xavier Becerra and a coalition of city attorneys who allege the companies are misclassifying their workers in violation of a new state law. Uber is vampire 🧛♂️ that have been sucking blood 🩸 of drivers for last 8 years. They must payback.
Source: CNN - 🏆 4. / 95 Read more »