Lyft Pulls 2020 Forecast, Following a Similar Move by Uber
- Company will report quarterly results, potential cuts May 6
- Pandemic has crushed demand for ride-hailing services
A person wears a protective mask while driving a vehicle displaying Lyft signage on an empty 110 freeway towards downtown Los Angeles, California on April 1.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Lyft Inc. withdrew its profit and revenue forecasts for 2020, following rival Uber Technologies Inc. in citing evolving and unpredictable impacts from Covid-19.
The San Francisco-based ride-hailing company has seen demand fall dramatically, crushing its earlier estimates. Uber and Lyft, both of which aren’t yet profitable, told investors earlier this year they would turn a profit by the end of 2020 or early 2021 before the pandemic triggered a global lockdown, freezing all non-essential travel and activities. Uber withdrew its financial guidance for 2020 last week.