Tag: Lyft

Lyft surges 17% after posting a narrower-than-expected quarterly loss as coronavirus hit the ride-hailing industry (LYFT)

Reuters Shares of Lyft surged as much as 17% shortly after the market opened Thursday following the company’s better-than-expected first-quarter earnings results.  Despite the impact of the coronavirus pandemic, which has hit the ride-hailing sector hard, Lyft’s results exceeded Wall Street’s expectations. The company beat estimates for revenue, and posted a narrower loss than analysts… Continue reading Lyft surges 17% after posting a narrower-than-expected quarterly loss as coronavirus hit the ride-hailing industry (LYFT)

Magna Announces First Quarter 2020 Financial Results

Sales of $8.7 billion decreased 18%, compared to global light vehicle production down 27%Estimated COVID-19 impacts of approximately $1.1 billion on sales, $250 million on income from operations before income taxes and Adjusted EBITCash from operations of $639 million, an 8% increase over the first quarter of 2019AURORA, Ontario, May 07, 2020 (GLOBE NEWSWIRE) —… Continue reading Magna Announces First Quarter 2020 Financial Results

Autotech Ventures Closes Over $150M Fund

Autotech Ventures, a Menlo Park, CA-based mobility focused venture capital firm, closed its $150M+ Fund II. LPs include both financial and corporate investors and other leaders from vehicle manufacturers, parts suppliers, repair shop chains, leasing corporations, dealership groups, and trucking firms. The fund will invest in early-stage startups with a focus on connectivity, autonomy, shared-use… Continue reading Autotech Ventures Closes Over $150M Fund

Lyft: Lyft Announces First Quarter Results

First quarter revenue grew to $955.7 million, up 23% year-over-yearEnded quarter with $2.7 billion of unrestricted cash, cash equivalents and short-term investments SAN FRANCISCO, May 06, 2020 (GLOBE NEWSWIRE) — Lyft, Inc. (Nasdaq:LYFT) today announced financial results for its first quarter ended March 31, 2020. First Quarter 2020 Financial Highlights Lyft reported Q1 revenue of… Continue reading Lyft: Lyft Announces First Quarter Results

Lyft sees rider demand rebound in late April, ‘on path to profitability’

(Reuters) – Lyft Inc (LYFT.O) 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. FILE PHOTO: A Lyft driver wears a mask during the coronavirus outbreak, as he leaves passengers in the U.S. Capitol Hill neighborhood in Washington,… Continue reading Lyft sees rider demand rebound in late April, ‘on path to profitability’

UPDATE 1-Uber to cut 3,700 jobs, CEO Khosrowshahi to waive base salary

FILE PHOTO: Uber’s logo is pictured at its office in Bogota, Colombia, December 12, 2019. REUTERS/Luisa Gonzalez (Reuters) – Uber Technologies Inc (UBER.N) will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the remainder of the year, the company said on Wednesday, as the COVID-19 pandemic… Continue reading UPDATE 1-Uber to cut 3,700 jobs, CEO Khosrowshahi to waive base salary

Lyft offers new cheaper rides with more waiting time

FILE PHOTO: The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid (Reuters) – Lyft Inc (LYFT.O) said on Tuesday it would expand its program that provides cheaper rides to customers willing to wait longer for their pick-ups, at a time when curbs against the coronavirus outbreak… Continue reading Lyft offers new cheaper rides with more waiting time

The Station: Audi punts on Level 3, Lyft layoffs and Nio’s $1 billion deal

The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive it every Saturday in your inbox. Hi readers. Welcome back to The Station, a weekly newsletter dedicated to the future (and present) of transportation. I’m your host Kirsten Korosec, senior transportation reporter at TechCrunch.… Continue reading The Station: Audi punts on Level 3, Lyft layoffs and Nio’s $1 billion deal

Lyft is laying off nearly 1,000 employees — 17% of its workforce — as the coronavirus sends the ride-hailing industry into a nosedive (LYFT)

Lyft said on Wednesday that it would cut nearly 1,000 jobs and had furloughed 288 workers. Both Lyft and its larger competitor Uber have seen ride-hailing volumes plummet during the coronavirus pandemic. Shares of Lyft were up more than 5% on Wednesday, outpacing broader market gains. Visit Business Insider’s homepage for more stories. Lyft said… Continue reading Lyft is laying off nearly 1,000 employees — 17% of its workforce — as the coronavirus sends the ride-hailing industry into a nosedive (LYFT)