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June 2, 2020, 4:45 p.m. EDT

Lyft says ride-hailing activity picked up in May and improves forecast, stock up 3%

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    Lyft Inc. Cl A (LYFT)

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By Jeremy C. Owens

LYFT

Lyft Inc. /zigman2/quotes/208999293/composite LYFT -6.86% disclosed Tuesday afternoon that ride-hailing activity has picked up as COVID-19 restrictions have eased, and the company improved its forecast for expected second-quarter losses. Shares gained more than 3% in after-hours trading. Lyft admitted that it gave 70% fewer rides in May than it did in the same month last year, but said that rides increased 26% from April and were performing better in cities that have begun relaxing restrictions. "For example, rideshare rides increased 73% in Austin, 41% in Denver, 54% in Las Vegas, 59% in Miami, 64% in Nashville, 42% in New York City, 40% in Phoenix, 49% in Salt Lake City and 40% in Seattle in the month of May 2020 versus the month of April 2020," Lyft disclosed in a filing with the Securities and Exchange Commission . In response, Lyft said that adjusted Ebitda losses would not exceed $325 million, about 10% better than the maximum $360 million in highly adjusted losses the company predicted when it released quarterly earnings in early May.

/zigman2/quotes/208999293/composite
US : U.S.: Nasdaq
$ 30.94
-2.28 -6.86%
Volume: 9.09M
July 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$10.19 billion
Rev. per Employee
$450,139
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