The stock of LYFT has shown a rise in current after reporting this as their best week for rides since the pandemic has begun. The company provides the facility of online booking of rides, it is a community-powered ridesharing platform. LYFT has a mobile app which connects people who are in need of ride with nearby neighbors who can provide rides. The process is considered safe and reliable since the digital system helps to keep the check on both passenger and the driver.
Best week so far,
Ever since the world has been facing severe effects of COVID-19 pandemic, almost every business is in a loss. Whereas, LYFT stock have shown a gain of about $4.80 in after pre-market trading. This has happened after the company witnessed three straight months of daily growth in their ride rate. The company is expected to release their full earning report in a month but they have preannounced some of their stats. LYFT has seen the best ridesharing week compared to the March of 2020. LYFT is seeing an adjusted EBTIDA loss of 135M which is less than the expected loss of 146M.
The company is yet not in a profitable state even on the basis of adjusted EBTIDA but they are getting closer to achieve their goal.
LYFT released its quarterly earnings report in the last month in which the progress of LYFT was expected to be low. But now after recent development, LYFT is expecting that the first-quarter ride volume to fall 1.2% quarter over quarter, as opposed to its expectation that it would fall 4%. Another prediction on the basis of current progress is that the first quarter loss will be $131million.
If things go smooth the company is expected to overcome their loss caused by pandemic in coming months.