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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Stocks making the biggest moves after hours: Lyft, Uber, Occidental Petroleum and moreCheck out the companies making headlines after the bell on Monday.
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Uber, Lyft must classify drivers as employees, CA court rules - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. it's over. Never even thought that it could happen in the US. So much for the so called free market Are we becoming communists
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