Air travelers walk to a Lyft pickup area at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Lyft said Thursday that last week was the best in terms of driver volume since lockdowns began in March 2020. The company posted positive year-over-year growth in daily hail volume on Wednesday for the first time in a year. 17. March.
The company’s stock rose more than 1% the morning after its announcement.
With the introduction of Covid vaccines and the lifting of government restrictions, hail shipping companies are gradually recovering from their pandemic lows, making people more comfortable when they return to work or travel. At the close of trading on Wednesday, Lyft and Uber stocks were up more than 250% and 198%, respectively, over the previous year.
Lyft now expects positive weekly hail growth year over year and every additional week through the end of the year (with the exception of a significant deterioration in coronavirus conditions).
Beginning next week, the company expects ride hail volume to increase over 100% year over year as it begins to “capture the significant impact Covid-19 has on our business” a year ago.
Lyft’s update comes roughly two weeks after an SEC filing reported that improving trends will allow it to cut losses by more than expected in the current quarter. The company expects to increase its adjusted EBITDA loss to $ 135 million in the first quarter, from $ 145 million to $ 150 million previously forecast.
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