Lyft Shares Drop as Active Riders Miss Analyst Estimates
- Company’s ridership hasn’t yet returned to pre-pandemic levels
- Lyft to cut 13% of staff as it braces for economic slowdown
Lyft signage on a vehicle in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Lyft Inc. slumped the most in six months after reporting weaker-than-expected ridership growth, signaling that it’s losing ground to rival Uber Technologies Inc. in a rocky recovery from the pandemic.
The company recorded 20.3 million active riders in the third quarter, missing an estimate of 21.1 million from a Bloomberg survey of analysts. That remains well below Lyft’s base of 22.9 million active riders at the end of 2019.