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Lyft shares tank as company’s soft forecast fans worries of losing ground to rival Uber

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Lyft News

Uber,Cent,Quarter

Shares fell to an eight-month low of $9.20 in early trading, setting Lyft on track to lose over $700-million in stock market value

shares tanked 16 per cent on Wednesday after a soft forecast for the key summer quarter stirred worries that it may be losing ground to rival Uber

Benefiting from a global footprint and wider array of services, Uber has been wooing customers with subscription offerings while Lyft doubled down on competitive fares as well as company-wide cost cuts to boost its business. Lyft forecast gross bookings – the total value of transactions on the Lyft app excluding tips – between $4.0-billion and $4.1-billion in the three months ending September, a period of high tourism-related travel.Adjusted core earnings guidance of $90-million to $95-million also came in below the street target of $104.3-million.

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