Lyft revenue and riders slashed by more than half, but layoffs save earnings

Lyft Inc.’s riders and revenue fell by more than half during a pandemic-dominated second quarter, but the company’s layoffs helped it top expectations for losses in an earnings report Wednesday.

“While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April,” Chief Executive Logan Green said in the news release. In the announcement, Lyft executives focused on the effects of its cost-cutting measures, which helped the company beat expectations and they said will boost the company’s path to profitability.

Wait until September, the furloughs kick into high gear then. A cold cold Christmas is on the horizon. Black Friday will have new meaning.

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