Last week Uber was able to deliver a satisfying result for its shareholders. Unfortunately, its competitor Lyft did not fare as well today, reversing back towards its all-time lows. âī¸
The ride-share company missed on almost every major metric except for revenue per active rider, which was $51.88 vs. the $49.94 expected.
Getting into the negatives, its revenue of $1.05 billion missed expectations of $1.06 billion. Active riders fell short at 20.3 million vs. the 21.1 million expected. And adjusted earnings per share of ($1.18) missed the $0.09 expected by a wide margin. đŦ
Finding traction has remained a challenge for the company, as it continues to lag behind Uber in most major categories. On top of that, Lyft recently announced it is laying off 13% of its staff as it joins many tech sector giants in cutting costs. â
Whether or not executives can get this car back on track remains to be seen. But for now, investors don’t appear to be waiting around. Instead, many opted to cancel their ride and send $LYFT shares down 13.72% today.
