Time for Lyft off; Lyft reports its first quarter earnings

lyft reported its first quarter earnings of 2021 and it revealed revenue are down 36% from the year prior to 608 million compared to the 955 million a year earlier

lyft reported active riders have decrease from 21.211 to 13.494 active riders a decrease of 36.4% and the loss from the lost users were * Revenue per active rider: $45.13 vs. $44.50 expected per FactSet

It is unclear whether to not these numbers are a direct cause of the pandemic or not. It should have still been inline with the protocols with mask .

It will become apparent once the vaccines start becoming ubiquitous that it can stimulate a resurgence in the ride sharing industry

The CEO remains optimistic in the companies future “We continue to believe there is still significant pent-up demand for mobility that will take time to play out,” CEO Logan Green said on a call with investors.

Lyft also issued guidance for its second quarter, telling investors it expects revenue between $680 million and $700 million. That’s a 12% to 15% increase quarter over quarter and would represent growth between 100% and 106% year over year. It also expects to limit adjusted EBITDA loss to between $35 million and $45 million in the quarter.
With a resurgence in users, the company is facing a growing need for more drivers.

Lyft reported $ 2.2 billion in unrestricted cash and cash equivalents it sees that the company has given up on its self driving car unit in attempt to gain cash reserve.

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