Primarily a ridesharing service, Lyft is looking to new sources of income in an effort to remain competitive with larger rivals such as Uber Technologies, which has a more mature advertising business while also offering deliveries and freight brokerage.

In addition to its in-app advertising, Lyft plans to replace the static displays at its bike-share stations with digital screens while increasing its volume of in-car tablets and displays on the top of cars.

The advertising business is also expected to assist the ridesharing company to drive revenue while keeping prices stable. The company is also looking into the potential sale or strategic partnership for its bike unit.

The post Lyft Looks to Ads to Boost Revenue appeared first on theprimarymarket.com.

Shares in the company fell by approximately 7% after surging by 14% late on Tuesday. While analysts were impressed with the company’s revenue and its ability to avoid a forecasted loss, the earnings announcement of rival Uber may explain the reversal in direction as it reported revenue growth that outpaced that of Lyft.

Revenue for the quarter was $1.02 billion, falling in line with analysts’ expectations. While Wall Street estimated a loss of $0.01 per share, Lyft was able to post earnings of $0.16 per share. The company also revealed that it has 21.5 million active riders, outpacing the 21.1 million riders estimated by analysts.

Following the release of its Q2 earnings, Lyft posted an optimistic outlook for the third quarter. The company expects a ride-share volume growth of 20% for the upcoming quarter, along with revenue in the range of $1.13-$1.15 billion, exceeding analysts’ forecasts of $1.08 billion.

The post Lyft Stock Narrowly Declines Following Q2 Earnings appeared first on theprimarymarket.com.

Lyft’s decision to reduce its workforce comes in the early stages of the tenure of new CEO David Risher, who assumed his position earlier this month. The company is expected to pay between $41 million and $47 million to dismissed employees in the form of severance pay and benefits.

This is the second major layoff by Lyft over the past six months, with the company cutting 13% of its workforce back in November. This appears to be an emerging trend among tech companies at large, with the likes of Amazon and Meta instituting broad company layoffs of their own.

Uber has been outperforming Lyft in the ridesharing market since the sector rebounded following the cooling down of the pandemic. Lyft’s shares are down about 9% this year to date.

Lyft is expected to release its earnings report for the first quarter of 2023 on May 4.

The post Lyft Lays Off 26% Of Workforce In Push To Cut Costs appeared first on theprimarymarket.com.

Faced with tough regulatory scrutiny, no specific release date for this service has been announced. Delays to the launch of this service may also arise due to a lagging commercial adoption of autonomous vehicle technology, largely due to the aforementioned legal scrutiny.

Despite such challenges facing the commercialization of autonomous vehicle technology, several robotaxi services are being launched at the same time that the partnership between Lyft and Motional gets underway.

Motional competitor Waymohas has already launched its own autonomous ride-hailing service in Phoenix, Arizona, entering the market last week. Motional is also making strides with its own commercialization efforts, also entering into a 10-year agreement with Uber Technologies Inc to supply the ride-hailing service with autonomous vehicles of its own.

The vehicles that Motional will supply Lyft with are the Hyundai Motor Co’s IONIQ5 electric car. Motional is a joint venture between Hyundai and automotive technology company Aptiv.

The post Lyft to Launch Robotaxi Service in Los Angeles appeared first on theprimarymarket.com.

Lyft has reported revenue of $991 million compared to the $986.7 million expected. This is a 13% increase compared to Q1 and 30% more than in the same period last year. The Wall Street analysts also predicted a $0.04 share loss, but the company ended up pulling 13¢ a share in adjusted earnings per share (EPS).

Another great news for Lyft is that the company increased the number of active drivers by 16% compared to 2021. The figure now stands at 19.9 million, which is more than the 19.8 million estimated. It is also the highest number since the start of the pandemic.

While Lyft is still not in the clear, seeing its shares still 60.1% down year to date, the Q2 results should be enough to give both the company and investors optimism for the remainder of the year.  

“We are confident in our ability to continue navigating macroeconomic headwinds and deliver strong long-term business results,” Lyft’s CFO Elaine Paul said in a statement.

The post Lyft’s Stock Up More Than 8% After Q2 Report Tops Estimates appeared first on theprimarymarket.com.

Primarily a ridesharing service, Lyft is looking to new sources of income in an effort to remain competitive with larger rivals such as Uber Technologies, which has a more mature advertising business while also offering deliveries and freight brokerage.

In addition to its in-app advertising, Lyft plans to replace the static displays at its bike-share stations with digital screens while increasing its volume of in-car tablets and displays on the top of cars.

The advertising business is also expected to assist the ridesharing company to drive revenue while keeping prices stable. The company is also looking into the potential sale or strategic partnership for its bike unit.

The post Lyft Looks to Ads to Boost Revenue appeared first on theprimarymarket.com.

Shares in the company fell by approximately 7% after surging by 14% late on Tuesday. While analysts were impressed with the company’s revenue and its ability to avoid a forecasted loss, the earnings announcement of rival Uber may explain the reversal in direction as it reported revenue growth that outpaced that of Lyft.

Revenue for the quarter was $1.02 billion, falling in line with analysts’ expectations. While Wall Street estimated a loss of $0.01 per share, Lyft was able to post earnings of $0.16 per share. The company also revealed that it has 21.5 million active riders, outpacing the 21.1 million riders estimated by analysts.

Following the release of its Q2 earnings, Lyft posted an optimistic outlook for the third quarter. The company expects a ride-share volume growth of 20% for the upcoming quarter, along with revenue in the range of $1.13-$1.15 billion, exceeding analysts’ forecasts of $1.08 billion.

The post Lyft Stock Narrowly Declines Following Q2 Earnings appeared first on theprimarymarket.com.

Lyft’s decision to reduce its workforce comes in the early stages of the tenure of new CEO David Risher, who assumed his position earlier this month. The company is expected to pay between $41 million and $47 million to dismissed employees in the form of severance pay and benefits.

This is the second major layoff by Lyft over the past six months, with the company cutting 13% of its workforce back in November. This appears to be an emerging trend among tech companies at large, with the likes of Amazon and Meta instituting broad company layoffs of their own.

Uber has been outperforming Lyft in the ridesharing market since the sector rebounded following the cooling down of the pandemic. Lyft’s shares are down about 9% this year to date.

Lyft is expected to release its earnings report for the first quarter of 2023 on May 4.

The post Lyft Lays Off 26% Of Workforce In Push To Cut Costs appeared first on theprimarymarket.com.

Faced with tough regulatory scrutiny, no specific release date for this service has been announced. Delays to the launch of this service may also arise due to a lagging commercial adoption of autonomous vehicle technology, largely due to the aforementioned legal scrutiny.

Despite such challenges facing the commercialization of autonomous vehicle technology, several robotaxi services are being launched at the same time that the partnership between Lyft and Motional gets underway.

Motional competitor Waymohas has already launched its own autonomous ride-hailing service in Phoenix, Arizona, entering the market last week. Motional is also making strides with its own commercialization efforts, also entering into a 10-year agreement with Uber Technologies Inc to supply the ride-hailing service with autonomous vehicles of its own.

The vehicles that Motional will supply Lyft with are the Hyundai Motor Co’s IONIQ5 electric car. Motional is a joint venture between Hyundai and automotive technology company Aptiv.

The post Lyft to Launch Robotaxi Service in Los Angeles appeared first on theprimarymarket.com.

Lyft has reported revenue of $991 million compared to the $986.7 million expected. This is a 13% increase compared to Q1 and 30% more than in the same period last year. The Wall Street analysts also predicted a $0.04 share loss, but the company ended up pulling 13¢ a share in adjusted earnings per share (EPS).

Another great news for Lyft is that the company increased the number of active drivers by 16% compared to 2021. The figure now stands at 19.9 million, which is more than the 19.8 million estimated. It is also the highest number since the start of the pandemic.

While Lyft is still not in the clear, seeing its shares still 60.1% down year to date, the Q2 results should be enough to give both the company and investors optimism for the remainder of the year.  

“We are confident in our ability to continue navigating macroeconomic headwinds and deliver strong long-term business results,” Lyft’s CFO Elaine Paul said in a statement.

The post Lyft’s Stock Up More Than 8% After Q2 Report Tops Estimates appeared first on theprimarymarket.com.