Lyft shares drop after sluggish growth in customers

Lyft slumped the most in six months after reporting weaker-than-expected ridership growth, signalling that it’s losing ground to rival Uber Technologies in a rocky recovery from the pandemic.

The company is “proactively” taking steps to reduce its payroll expenses, CFO Elaine Paul said in a conference call on Monday. That includes shifting hiring towards international markets such as Canada and Eastern Europe, where equity is a smaller or nonexistent portion of an overall compensation package.

Uber, meanwhile, has avoided widespread layoffs, though it’s taking a more conservative stance on hiring. Uber CEO Dara Khosrowshahi said last week that while consumer spending on the platform had held up, the company was still bracing for an uncertain economic outlook. The shortfall overshadowed some bright spots in Lyft’s report. Adjusted Ebitda was $66.2m during the period, surpassing the $63m analysts forecast. The company projected adjusted Ebitda in the current quarter of $80m-$100m, in line with the $91.7m estimated by analysts.

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