Lyft’s First Results After I.P.O. Show $1.14 Billion Quarterly Loss


Some analysts stated they had been trying extra at Lyft’s progress metrics. John Blackledge, a senior analysis analyst at Cowen, stated he had “baked in” expectations of losses for Lyft and was paying extra consideration to numbers corresponding to “robustness in riders and revenue per rider.” Tom White, a senior analysis analyst on the monetary agency D.A. Davidson, stated Lyft’s losses had been moderating and that it was “better than people were expecting.”

Lyft forecast that its income would develop to as a lot as $three.three billion by the top of 2019, up 53 p.c from a 12 months earlier. That could be slower than 2018, when the corporate’s income doubled.

Lyft additionally introduced that it was increasing its partnerships with autonomous automobile producers. That consists of coming into a partnership with Waymo, the autonomous automobile firm owned by Google’s guardian firm, Alphabet. Under the deal, Lyft plans to supply rides within the Phoenix space on 10 of Waymo’s autonomous automobiles. Lyft has stated that it prefers to work with corporations that manufacture self-driving vehicles moderately than constructing its personal.

One of Waymo’s sister corporations, CapitalG, an funding agency underneath Alphabet, is an investor in Lyft and holds a 2.four p.c stake within the ride-hailing firm. Waymo and Lyft have mentioned methods to collaborate on autonomous automobiles for years.

The partnership will permit Lyft customers “to take what for many will be their first ride in a self-driving vehicle,” John Krafcik, Waymo’s chief government, stated in an announcement.

Later this week, Lyft faces a distinct problem. On Wednesday, ride-hailing drivers throughout the United States — and in Britain and Australia — are anticipated to strike earlier than Uber’s public providing to protest low wages and different grievances.

Drivers work as impartial contractors, not as full-time staff, making them ineligible for advantages and different perks. The ride-hailing corporations have stated drivers’ freelance standing provides them flexibility. In San Francisco, the place Lyft and Uber are primarily based, some drivers stated they deliberate to sign off of the corporate’s apps and never present rides between midday and midnight.

“We know that access to flexible, extra income makes a big difference for millions of people, and we’re constantly working to improve how we can best serve our driver community,” a Lyft spokesman stated.



Source link Nytimes.com

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