Lyft Wrings More Money From Each Rider After Deep Cost Cuts
- “Absolutely” will turn quarterly adjusted profit, Zimmer says
- First quarter expected to be flat or down from previous one
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Lyft Inc., inching closer to break-even, is squeezing more revenue out of each customer, a result of deep cost cutting. The shares climbed about 9% in extended trading.
The ride-hailing company reported an adjusted loss excluding tax, interest and other costs of $150 million in the fourth quarter, wider than a year earlier but better than an average of analysts’ estimates compiled by Bloomberg. Total ridership remains down due to the coronavirus pandemic.