Lyft's Stock Plunged Recently Here's Why
Uber appears to be taking more rideshare market.
Hey Guys,
LYFT 0.00%↑ is a sad stock these days.
Lyft is not holding up to being a good competitor to Uber in the U.S. The stock ended up dropping 23% on November 9th, 2022. No Robo-taxis coming to save it, just the realization that it’s quickly losing marketshare to Uber post-(kinda) pandemic.
The rideshare company reported third-quarter revenue that fell short of estimates, and active riders came in below Wall Street’s forecast. On a day where Binance defeated FTX, you had to wonder at the coming wave of consolidation in tech and business in 2023.
Active riders totaled 20.31 million, short of the street’s estimate of 21.1 million. Revenue of $1.05 billion also came in just shy of expectations. On an upbeat note, revenue per active user rose to $51.88, up 13.7% from a year ago.
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