Lyft Active Riders Tumble 36%, but Beat Expectations
The number of active riders Lyft (NASDAQ: LYFT) reported for the first quarter of 2021 tumbled to just under 13.5 million, a 36.4% drop from the year-ago period as the effects of the pandemic continue to be felt by the ridesharing shop. Yet because Wall Street had been expecting Lyft to report 12.8 million riders, it was a significant beat.
Still, the decline caused revenue to fall 36% to $609 million, though that was up sequentially, as were the number of active riders. CEO Logan Green told analysts on Lyft's earnings conference call that it is still going to be awhile before the situation normalizes.
"We continue to believe that there is significant pent-up demand for mobility that will take time to play out," he said.
Source Fool.com
