Technology

Lyft says there have only been the most drivers in a week since the pandemic started

Air travelers walk to a Lyft pickup area at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.

Mario Tama | Getty Images

Lyft said Thursday that the last week in terms of driver volume was the best since lockdowns began in March 2020. The company posted positive year-over-year growth in daily hail volume on Wednesday for the first time in a year. 17. March.

The company’s stock rose more than 1% the morning after its announcement.

Ride-hail companies are gradually recovering from their pandemic lows as Covid vaccines are introduced and government restrictions are lifted, making people more comfortable returning to work or traveling. At the close of trading on Wednesday, Lyft and Uber shares were up more than 250% and 198%, respectively, over the previous year.

Lyft now expects positive weekly hail growth year over year and every additional week through the end of the year (with the exception of a significant deterioration in coronavirus conditions).

As of next week, the company expects ride hail volume to increase over 100% year over year as it begins “understanding the significant impact Covid-19 has on our business” a year ago.

Lyft’s update comes roughly two weeks after an SEC filing reported that improving trends will allow it to cut losses by more than expected in the current quarter. The company expects to control its adjusted EBITDA loss for the first quarter from a previously forecast $ 145 million to $ 150 million to $ 135 million.

Subscribe to CNBC on YouTube.

0 Comments
Share

Katherine Clark