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Lyft, Uber Suspend Shared Rides To Limit Spread Of Coronavirus

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Lyft, Uber Suspend Shared Rides To Limit Spread Of Coronavirus

Both Lyft Inc (NASDAQ: LYFT) and Uber Technologies (NYSE: UBER) suspended shared rides on Tuesday in order to slow the spread of the novel coronavirus (COVID-19).

"Lyft is pausing shared rides across all of our markets. The health and safety of the Lyft community is our top priority, and we’re dedicated to doing what we can to slow the spread of COVID-19. We will continue to monitor the situation closely and base our actions on official guidance," a spokesperson told Benzinga.

Shared rides let passengers going along the same route to share a Lyft ride. Drivers "enjoy longer rides and less time between rides with the chance to earn more," Lyft says on its website.

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Lyft shares were trading down 4.31% at $18.30 at time of publication. The stock has a 52-week high of $88.60 and a 52-week low of $16.50.

Uber shares were trading down 7.79% at $18.71 at time of publication onTuesday. The stock has a 52-week high of $47.08 and a 52-week low of $18.01.

 

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