Lyft Suffers 50% Decline in Ride Shares in November
The rising number of COVID-19 cases slammed into Lyft's (NASDAQ: LYFT) business last month as the ridesharing company said the number of rides plunged 50% from last year. As a result, Lyft says it now forecasts sequential revenue growth to be at the lower end of the 11% to 15% range it previously guided toward.
But since it has also initiated cost controls, it now also believes margins will improve. So it now estimates adjusted EBITDA losses will be around $185 million instead of the $190 million to $200 million it previously said. Shares of Lyft rose in morning trading on the news.
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Source Fool.com
