{"id":46434,"date":"2023-08-09T15:08:43","date_gmt":"2023-08-09T19:08:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/lyft-stock-drops-new-ceos-reset-plan-doesnt-look-like-a-threat-to-uber-yet\/"},"modified":"2023-08-09T15:08:45","modified_gmt":"2023-08-09T19:08:45","slug":"lyft-stock-drops-new-ceos-reset-plan-doesnt-look-like-a-threat-to-uber-yet","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46434","title":{"rendered":"Lyft Stock Drops. New CEO\u2019s Reset Plan Doesn\u2019t Look Like a Threat to Uber Yet."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000715171\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Lyft<br \/>\n       shares were falling Wednesday despite the company\u2019s narrower losses. New CEO David Risher is still fighting an uphill battle to convince investors the ride-hailing company can take on<br \/>\n        Uber Technologies<span>.<\/span><br \/>\n      \u00a0<\/p>\n<p>\n        Lyft<br \/>\n       (ticker: LYFT) shares were down 7.8% in premarket trading after the company reported its second-quarter earnings late on Tuesday. While Lyft\u2019s quarterly losses narrowed, its revenue growth was considerably slower than<br \/>\n        Uber<br \/>\n      \u2018s (UBER) as it seeks to compete on price.\u00a0<\/p>\n<div class=\"paywall\">\n<p>Lyft\u2019s net loss narrowed to $114.3 million from $377.2 million in the same period a year earlier as revenue grew 3% to $1.02 billion. Risher has cut hundreds of jobs at the company since joining in April and looked to put the savings into competitive prices.\u00a0<\/p>\n<p>By comparison,<br \/>\n        Uber<br \/>\n       reported its first-ever quarterly operating profit and a 14% revenue jump to $9.2 billion in its own second-quarter report last week.\u00a0Uber shares were flat in premarket trading.<\/p>\n<p>Lyft\u2019s quarterly adjusted earnings before interest, tax, depreciation and amortization came to $41 million and it ended the quarter with 21.49 million active riders, up from 19.86 million in the same period a year earlier.<\/p>\n<p>Analysts at KeyBanc Capital Markets said Lyft\u2019s adjusted earnings were significantly ahead of their expectations but its guidance had multiple moving parts which would create debate.\u00a0<\/p>\n<p>Executives said on the company\u2019s earnings call that they expect a 20% increase in ride-share volume growth for the third quarter from the previous year but a lower rise in revenue due to competitive pricing.\u00a0<\/p>\n<p>Lyft said that for the third quarter it expects revenue of approximately $1.13 billion to $1.15 billion, up 7% to 9% from the prior year. It expects adjusted Ebitda between $75 million and $85 million.<\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/lyft-stock-earnings-uber-14479126?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lyft shares were falling Wednesday despite the company\u2019s narrower losses. New CEO David Risher is still fighting an uphill battle to convince investors the ride-hailing company can take on Uber Technologies. \u00a0 Lyft (ticker: LYFT) shares were down 7.8% in premarket trading after the company reported its second-quarter earnings late on Tuesday. While Lyft\u2019s quarterly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46434","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lyft Stock Drops. New CEO\u2019s Reset Plan Doesn\u2019t Look Like a Threat to Uber Yet. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Lyft shares were falling Wednesday despite the company\u2019s narrower losses. 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