Lyft announces a resumption of travel and expects profits by the end of 2021

News

Lyft announces a resumption of travel and expects profits by the end of 2021

13.11.2020 News

Shares of Lyft, which fell 16.2% since the beginning of the year but jumped 37.4% over the past week, rose 5.8% amid investor reaction to the company’s quarterly report.

Lyft reported a loss for the third quarter (ended September 30) at $ 1.46, which is worse than analysts’ forecasts at – $ 0.91 loss per share. At the same time, this figure is 7% better than the losses of the same quarter of 2019.

Losses in the third quarter fell slightly to $ 460 million from $ 463 million a year ago. At the end of the quarter, the balance of available cash and cash equivalents amounted to $ 2.5 billion.

Total revenue was $ 499.7 million, better than analysts’ expected $ 486.6 million, down 48% from last year, but better than revenue of $ 339.3 million and down 61% in the previous second quarter.

The number of active users of the Lyft platform, which in addition to taxi services includes the recently launched food delivery, car, motorcycle and bicycle rental service, was 12.5 million in the third quarter, a significant increase from 8.69 million in the second quarter, but far from Lyft’s 22.3 million customers in the third quarter of last year.

Lyft co-founder and CEO Logan Green noted the recovery of financial indicators compared to last quarter, saying he expects further growth in demand.

Compared to the fourth quarter, Lyft expects revenue growth from 11% to 15% and an increase in the number of users by 800 thousand – 1 million.

CFO Brian Roberts said Lyft “is still focused on achieving profitability (adjusted by Ebitda) until the fourth quarter of next year, even with a slower recovery.”

The rise in shares of Lyft, as well as the shares of its main big competitor Uber (UBER), in recent days was based on the victory of the vote in California in favor of their business and reduced labor costs, as well as overall market growth amid positive expectations of a rapid invention of vaccine from COVID -19.

Last week, Uber also announced its 3rd quarter results, which proved to be the best for Lyft both due to its wider market reach (Uber has business worldwide, Lyft – only in the US) and due to the developed food delivery business Uber Eats.

At the same time, Lyft is preparing to compete with Uber Eats, by providing cheaper delivery services to restaurants and cafes, while Uber is charging high commissions. In October, Lyft announced a partnership with GrubHub, the US food ordering platform.

“The company has the infrastructure and technical capabilities to become a powerful player in the field of food delivery, so expect that in the near future they will seriously challenge companies like Uber Eats,” said investing.com analyst Harris Anwar.

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