Lyft forecasts strong quarterly earnings as ride-hailing demand picks up

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Starting next week, submitting Obituaries, In Memoriams or Cards of Thanks for our publications and online becomes easier! Simply visit - Ride-hailing company Lyft projected higher-than-expected gross bookings and core profit for the current quarter on Tuesday, driven by robust demand for its services and benefits from new user and driver features.

Lyft is benefiting from the industry-wide trend of a pickup in ride-hailing demand and its strong execution of new functionalities, Risher told Reuters in an interview.The company estimated gross bookings, representing the total value of transactions on its platform, to range from $4.0 billion to $4.1 billion in the current quarter ending June, compared to estimates of $3.96 billion, per LSEG data.

Lyft's primary competitor, Uber Technologies, is scheduled to release its quarterly earnings before the market opens on Wednesday.

 

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