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Lyft saw sustained gains starting in the third quarter thanks to cost cuts.

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The Landlord
Post time 2021-5-4 22:17:04 | Show the author posts only Reply Awards |Descending |Read mode



It surprised Wall Street with a significantly lower-than-expected loss and said it would deliver reliable profits on an adjusted basis that began in the slotxo third quarter as cost cuts gave the company extra revenue. Up per trip The results came as Lyft emerged from more than a year of outbreak-related restrictions, during which driver numbers and revenues fell, the company said it expects a strong recovery in the third quarter of U.S. travel due to Americans. Many home-starved travelers are more likely to receive a fully vaccinated against COVID-19.The shares were up 5.2 percent at $ 59 in after-hours trading on Tuesday. In the previous five days, they had lost 11%.Lyft reported an adjusted first-quarter loss of $ 73 million before interest, taxes, depreciation and amortization, a metric that excludes more than $ 300 million of one-time expenses, including stock-based compensation.

That was significantly narrower than the $ 144 million loss analysts had forecast, according to Refinitiv data.Lyft reaffirmed its profitability target on its adjusted EBITDA indicator in the third quarter of this year and said it would remain profitable after that, even if the company invested in future growth opportunities.Lyft chairman John Zimmer said Lyft will take advantage of a lower cost structure to generate more revenue per driver as more passengers return to the platform in the coming months.Zimmer also illustrated the threat of federal regulations that would turn hail workers and delivery workers, now independent contractors, into employees.Lyft just reached a profit target within three months when it announced the sale of its self-driving technology business for $ 550 million.Lyft's major rival Uber Technologies Inc (Uber.N) had forecast adjusted profitability by the end of 2021.Uber is due to report results Wednesday afternoon.

Essentially, Lyft's losses rose to about $ 427 million, driven by the high cost of stock compensation that resulted from the company's public listing two years ago.At $ 609 million, first-quarter revenue was higher than Wall Street expected of $ 559 million.Lyft drastically cut costs in the wake of the pandemic, when the number of drivers plummeted and continued to cut costs in the first three months of 2021, even as drivers gradually return.Total costs in the first quarter fell by more than $ 344 million, and overall Lyft has cut costs by nearly $ 2.5 billion since the beginning of last year.Zimmer said the company also expects spending on incentives for drivers to increase in the coming months. But executives during the conference call said these incentives were covered by higher prices drivers pay in many cities as demand outnumbered temporary supply. Read more about studying in PakistanLyft Chief Executive Logan Green said he expects supply to balance in the third quarter as vaccines increase, COVID-19 infections will decline and federal unemployment benefits for gig workers will expire.



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Post time 2021-5-5 03:23:28 | Show the author posts only
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