Why Lyft Tanked 29.6% in March
Shares of Lyft (NASDAQ: LYFT) tanked 29.6% last month, according to data from S&P Global Market Intelligence. That was enough to drive the stock from $38 per share to $27 per share.
As long as so many people in cities are sheltering in place or mostly remaining housebound, they aren't using ride-hailing services like Lyft or Uber Technologies (NYSE: UBER). That's why Lyft's business has seen a substantial slowdown.
According to The Information, both ridesharing businesses are seeing demand down over 50%. That's not surprising considering the typical use cases: People use the services to get to work, to entertainment, and to other means of travel. Most of that relates to nonessential activities that are being curtailed at the moment.
Source Fool.com
