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...The back-of-the-envelope numbers above were worked out in 10 minutes by a person who’d never previously looked at Lyft, cared about Lyft, hailed a Lyft, or been within 4,400 miles of an available Lyft....
...Administrative controls aside, Lyft may still be turning a corner....
...If you’ve been under a rock, here’s the latest via the Borg: Lyft Inc....
...Lyft shares jumped 35.1 per cent on Wednesday. The mistake adds to years of woes for Lyft’s shares, which have lost about 80 per cent of their value since its initial public offering in 2019....
...Lyft, the ride-hailing company, raised $460mn the week after its financial results prompted a 35 per cent share price rally....
...Lyft’s shares fell 8 per cent on Wednesday, taking its losses over the past year to 43 per cent....
...Lyft supported the arrangement, according to the SEC’s complaint....
...Steep losses and fundamental doubts about the business model have dogged Uber since, as it has spent billions of dollars fighting ride-hailing rivals such as Lyft, food delivery competitors such as DoorDash...
...Uber, like rival Lyft, has worked to cut costs, drive efficiencies and bolster margins as investor patience with chronically lossmaking tech companies has waned in the context of higher inflation....
...In 2023, Uber reported positive true free cash flow, operating cash flow after both capital expenses and stock-based comp, of $1.4bn last year: Meanwhile, Uber’s smaller competitor, Lyft, reported earnings...
...Founded by former Uber and Lyft executive Travis VanderZanden in Los Angeles in 2017, Bird spawned dozens of copycat companies around the world....
...Shareholders, remembering Lyft’s performance, should agitate for equal voting rights in future initial public offerings. Lyft’s basic model remains unproven....
...Seasonality will be a significant factor in the current quarter for Lyft, which operates only in North America....
...Though giving up their management roles, Lyft’s founders will retain a significant interest in the company. Green is to take over as non-executive chair while Zimmer will remain vice-chair, Lyft said....
...In the battle for US ride-hailing supremacy, Uber is running smaller rival Lyft off the road. For proof, look no further than Lyft’s latest set of earnings....
...Achieving profitability is no mean feat considering the number of “on-demand” peers that have gone public while lossmaking, including Uber, Lyft and DoorDash....
...Efforts to introduce such reforms have run into fierce corporate opposition — witness, for example, the furious lobbying in California by ride-hailing companies Uber and Lyft to avoid taking more responsibility...
...Lyft talks up the virtues of its pure-play business model. Unlike larger rival Uber, which delivers people, meals and shopping, Lyft just does rides....
...Price cuts earlier this year by its struggling US rival, Lyft, ate into the growth of Uber’s ride-hailing business in the latest quarter....
...While others in the group, including Uber and Lyft, have struggled to live up to early market interest, CrowdStrike shares have jumped from the $34 listing price to more than $157....
...Lyft in February conceded it would have to slash fares to try to stay competitive with Uber....
...Still, Lyft has to become leaner, which requires us to part with incredible team members,” said Logan Green and John Zimmer, Lyft’s co-founders, in a memo to staff....
...In the meantime, Governors Ron DeSantis of Florida and Greg Abbott of Texas will be hoping Lyft’s tax bailout succeeds....
...Uber shares closed down 10.4 per cent on Tuesday and Lyft dropped 12 per cent. DoorDash recovered some ground to close 6 per cent lower....
...Ride-hailing rivals Uber and Lyft are on a downhill drive on the stock market after releasing their latest earnings....
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