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Lyft Predicts Positive Weekly Business Growth Following Vaccine Rollout: Reuters

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Ride-hailing company Lyft Inc (NASDAQ: LYFT) expects positive weekly growth in its ride-share segment beginning this week through 2021 end triggered by the COVID-19 vaccine launch, Reuters reports.

  • The company noted the highest volume in its app-based ride last week since March previous year leading to the favorable forecast. Lyft expects volumes to more than double compared to 2020.
  • Scaling up of the vaccine distribution is expected to reinstate pre-pandemic normality to the ride-hailing sector devastated by the pandemic.
  • Lyft expected an adjusted profit by the third quarter of this year despite the pandemic, following incremental cost cuts and an anticipated rebound in ride-hailing demand beginning in the second quarter of 2021.
  • Price action: LYFT shares traded higher by 2.32% at $67.46 on the last check Thursday.
 

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Posted-In: COVID-19 Vaccine ReutersNews Tech Media

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