Lyft stock has floundered since its initial public offering in 2019, subsequently losing nearly 90% of its value. Over the past year, Lyft shares have fallen 59% and set a fresh 52-week low Friday, at just over $8 each., proved disappointing for investors, with projections for revenue and a measure of adjusted operating profit — earnings before interest, taxation, depreciation and amortization, or EBITDA — coming in lower than expected.
Along with layoffs, Lyft is making other changes to break out of its financial slump, including the launch of new airport preorder meant to streamline airport pick-ups. The new feature allows Lyft customers to book rides as soon as their plane hit the tarmac, with the app scheduling pick-ups with an eye toward unpredictable airport nuisances like waiting for baggage claim.
Risher told Cramer Lyft's pricing strategy going forward will be to stay in line with its peers, differentiating itself instead with unique features like airport preorder as well as "wait and save," which allows customers to be flexible with pickup times to obtain a lower price.
"We're doing everything we can to make sure we're ready for autonomous when it comes, and I'm telling you – It's not going to be tomorrow, but you might be surprised that it comes over the next couple of years a little faster than you think," Risher said.