) 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.
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 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.
For April, rides were down 75% year over year but Chief Executive Logan Green said Lyft saw moderate week-on-week growth in ride requests starting in mid-April. 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.
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