Lyft Inc shares sank 20 per cent on Tuesday on signs that competition from bigger rival Uber was stalling user growth and eating into the market share of the ride-hailing firm.
"We believe Uber has done a much better job at rebuilding driver supply, likely leaving Lyft with a structurally smaller share of the market than it had pre-pandemic," Atlantic Equities analyst James Cordwell said. Lyft's stock was at $11.51 in premarket trading. It has lost more than two-thirds of its value this year, far more than Uber's 34 per cent decline.
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