{"id":109584,"date":"2020-11-11T02:43:00","date_gmt":"2020-11-10T23:43:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/lyft-recovers-more-than-half-its-business-stock-heads-higher\/"},"modified":"2020-11-11T02:43:00","modified_gmt":"2020-11-10T23:43:00","slug":"lyft-recovers-more-than-half-its-business-stock-heads-higher","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/lyft-recovers-more-than-half-its-business-stock-heads-higher\/","title":{"rendered":"#\n  Lyft recovers more than half its business, stock heads higher"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a39f1696c08c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a39f1696c08c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/lyft-recovers-more-than-half-its-business-stock-heads-higher\/#Ride-hailing_companys_executives_cheer_Prop_22_win_in_California_say_they_intend_to_expand_push_to_other_states\" >Ride-hailing company\u2019s executives cheer Prop. 22 win in California, say they intend to expand push to other states<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/lyft-recovers-more-than-half-its-business-stock-heads-higher\/#Lyft_posted_third-quarter_earnings_Tuesday\" >Lyft posted third-quarter earnings Tuesday.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/lyft-recovers-more-than-half-its-business-stock-heads-higher\/#Levi_Sumagaysay\" >Levi Sumagaysay<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Lyft recovers more than half its business, stock heads higher<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Ride-hailing_companys_executives_cheer_Prop_22_win_in_California_say_they_intend_to_expand_push_to_other_states\"><\/span>\n  Ride-hailing company\u2019s executives cheer Prop. 22 win in California, say they intend to expand push to other states<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000064588\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          inline\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:65.78125%;\" data-mobile-ratio=\"65.78125%\" data-layout-ratio=\"65.78125%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-257627?width=140&amp;size=1.520190023752969 140w,\nhttps:\/\/images.mktw.net\/im-257627?width=540&amp;size=1.520190023752969 540w,\nhttps:\/\/images.mktw.net\/im-257627?width=620&amp;size=1.520190023752969 620w,\nhttps:\/\/images.mktw.net\/im-257627?width=700&amp;size=1.520190023752969 700w,\nhttps:\/\/images.mktw.net\/im-257627?width=860&amp;size=1.520190023752969 860w,\nhttps:\/\/images.mktw.net\/im-257627?width=1260&amp;size=1.520190023752969 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-257627?width=620&amp;size=1.520190023752969\" data-enlarge=\"https:\/\/images.mktw.net\/im-257627?width=1260&amp;size=1.520190023752969\" alt=\"\" title=\"Lyft posted third-quarter earnings Tuesday.\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"Lyft_posted_third-quarter_earnings_Tuesday\"><\/span>Lyft posted third-quarter earnings Tuesday.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Getty Images<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       A week after a big win for its business model at the polls, Lyft Inc. on Tuesday reported that it recovered more than half its business from pre-pandemic days in the third quarter, beating analysts\u2019 expectations. <\/p>\n<div class=\"paywall\">\n       The number of active riders rose 44% to 12.5 million in the third quarter, as ride hailing began to rebound after the easing of strict coronavirus-related lockdowns.\u00a0That ridership number was still down 44% from the year-ago quarter, though, and revenues were similarly nearly cut in half as executives cautioned that the recovery is uneven.<\/p>\n<p> \u201cWe remain confident that demand will continue to return,\u201d Lyft Chief Executive Logan Green said on a conference call, during which he expressed optimism about a possible COVID-19 vaccine.<\/p>\n<p>In the call, Green hailed his company\u2019s successful push for Proposition 22 on Tuesday\u2019s ballot in its home state as a \u201cwin win win for drivers, riders and California\u2019s economic recovery.\u201d<\/p>\n<p><strong>See:<\/strong> <strong>Uber and Lyft win fight to keep drivers as contractors instead of employees in California<\/strong><\/p>\n<p>Prop. 22 allows gig companies like Lyft<br \/>\n        LYFT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208999293\/composite\" class=\"negative\">-4.35%<\/bg-quote><br \/>\n       to continue classifying their drivers as independent contractors, but provides them with guaranteed earnings and health-care subsidies. The ballot initiative exempts the companies from a California law that would have required them to treat their workers as employees. <\/p>\n<p>Lyft President John Zimmer said on the call that he hoped Prop. 22 would be seen \u201cas a watershed moment,\u201d and, like other gig-company executives, said he is looking to replicate the victory elsewhere. <\/p>\n<p>\u201cIt\u2019s a working model that other states can look to,\u201d he said. <\/p>\n<p>Shares of Lyft rose more than 5% in extended trading Tuesday after closing at $36.05 in regular trading, a 4.4% decline. Lyft had gained more than 50% since Election Day before its Tuesday decline.  <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p><strong>Also:<\/strong> Uber earnings continue to recover, CEO signals intent to expand new driver model after election win<\/p>\n<p>Lyft posted a third-quarter loss of $459.5 million, or $1.46 a share, on revenue of $499.7 million, down from $955.6 million a year ago. After adjusting for stock-based compensation and other effects, Lyft reported a loss of 89 cents a share. Analysts surveyed by FactSet on average expected Lyft to post a loss of 93 cents a share on revenue of $487.4 million.\u00a0<\/p>\n<p>Besides recovery in ride-hailing, Zimmer pointed to other \u201cbright spots\u201d: He said bike and scooter rentals rose in the quarter, and that Lyft Pass holders are using ride-hailing as an alternative to taking public transportation. Green mentioned the company\u2019s food-delivery pilot but said it was \u201cearly days\u201d and indicated he was more interested in possible business-to-business partnerships. <\/p>\n<p>The company did not provide an official fourth-quarter forecast because of the uncertainty around the pandemic, but Chief Financial Officer Brian Roberts did say he thought revenue could grow 11% from the previous quarter. He warned, though, about possible headwinds that include a seasonal decline in bike and scooter rentals and a return to lockdowns. The company also moved some of its spending on Prop. 22 to the fourth quarter, he said.<\/p>\n<p>Lyft executives said the company expects to achieve Ebitda profitability by the fourth quarter of 2021. Roberts said the company\u2019s cost-cutting and discipline means \u201cwe\u2019re going to emerge on the other side of COVID more profitable per ride.\u201d<\/p>\n<p>Lyft shares are down more than 12% so far this year, as the S&amp;P 500 index<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.14%<\/bg-quote><br \/>\n       has gained 9.7%. <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Levi Sumagaysay\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Levi_Sumagaysay\"><\/span>Levi Sumagaysay<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21004575-02D4-D4B5-4572-DFC4C4C374D5%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Lyft recovers more than half its business, stock heads higher &#8221; Ride-hailing company\u2019s executives cheer Prop. 22 win in California, say they intend to expand push to other states Lyft posted third-quarter earnings Tuesday. Getty Images A week after a big win for its business model at the polls, Lyft Inc. on Tuesday reported&#8230;<\/p>\n","protected":false},"author":1,"featured_media":109585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-109584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/109584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=109584"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/109584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/109585"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=109584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=109584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=109584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}