News Formal

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

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 29 sec. here
  • 12 min. at publisher
  • 📊 Quality Score:
  • News: 50%
  • Publisher: 92%

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nvidia shares tank as 'Magnificent 7' stocks lose more than $700 billion in market capNvidia led the Magnificent 7 stocks lower Monday as the group suffered $714 billion market valuation wipeout.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Caisse de depot sells $700-million of Couche-Tard shares back to the companyOnce the transaction is complete, the Caisse will still own a 3.5-per-cent stake worth about $2.8-billion
Source: globebusiness - 🏆 31. / 66 Read more »

Jasper fires could cost insurance industry $700 million: DBRS estimateA new report from DBRS Morningstar estimates the potential insured losses of the Jasper wildfires at up to $700 million.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Jasper fires could cost insurance industry $700 million: DBRS estimateA new report from DBRS Morningstar estimates the potential insured losses of the Jasper wildfires at up to $700 million.
Source: SooToday - 🏆 8. / 85 Read more »

Jasper fires could cost insurance industry $700 million: DBRS estimateA new report from DBRS Morningstar estimates the potential insured losses of the Jasper wildfires at up to $700 million.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »