Lyft's losses marked a dramatic improvement from the year-ago quarter, its first as a public company, when Lyft reported losses per share of a staggering $9.02. The eight year old business made its market debut in March 2019.
In the fourth quarter of 2019, Lyft's losses were narrower at $356 million versus a net loss of $398.1 million in Q1 2020. However, its active rider number represented a 3% year-over-year improvement, despite the impact of Covid-19 to travel and transportation in the U.S. During a Wednesday earnings call, CEO and co-founder Logan Green acknowledged that Covid-19 had a "profound impact" on Lyft's customers and core business; he revealed that for the month of April, rides were down around 75% year-over-year, and were still down 70% last week.For example, last Friday,by 17%, laying off nearly 1,000 employees and furloughing around 300 others.
Rental car stocks should rise nicely since know one is going to take an Urber/Lyft or Taxi in this environment.
Do you guys think you can pass my resume on to a few of the hedge funds? You can sell me as a mix between Mafee & Taylor andrewrsorkin