:Lyft Inc's forecast second-quarter revenue and core profit below estimates on Thursday amid tough competition from larger rival Uber, sending its shares down 13 per cent in trading after the bell.
Lyft's new CEO David Risher said the company should be a"strong second player" in the North American rideshare market by the end of the year and expected to save about $330 million a year from cost cuts. Revenue rose 14 per cent to $1 billion and beat estimates of $981.4 million, but lagged the 72 per cent surge posted by Uber's ride-sharing business.
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