Lyft Spoke Too Soon
In the relatively early days of the novel coronavirus outbreak within the U.S., Lyft (NASDAQ: LYFT) CFO Brian Roberts spoke at an investing conference and said that the ridesharing company had been mostly fine thus far amid the ongoing crisis. In fact, Roberts even suggested that Lyft was benefiting from the spread of COVID-19 -- which seems counterintuitive for a travel-related company -- as consumers were shifting from public transit toward private forms of transportation like ride-hailing. In addition, Lyft has less international exposure than larger rival Uber (NYSE: UBER).
"For Lyft, our P&L is really driven by ridesharing, and demand in ridesharing remains extremely strong," Roberts said. The finance chief went as far as to reaffirm Lyft's guidance for the first quarter, while adding that the company had recently enjoyed its "single biggest week in our history."
Lyft spoke too soon.
Source Fool.com
