Lyft says rides jump in May 26% from last month
San Francisco Dave Lee
Rideshare service Lyft, Uber's largest competitor in North America, said the number of rides taken on the platform had increased 26 percent in May compared to April, but said business was still well down due to continued coronavirus impact.
May driving was down 66 percent from the same month last year, following a 70 percent drop from the year before April.
But the company pointed to seven consecutive weeks of increased trips since mid-April as a reason to be optimistic, and told investors in a filing Tuesday that the losses would be narrower than first projected when the pandemic took hold.
Before explaining interest rates, taxes, depreciation and amortization, Lyft said it now expects to lose more than $ 325 million for the quarter ̵
Lift's share price rose by about 3 per ce not after trading after hours, a reflection of the more positive outlook. The company shared how it had observed several predictable trends: When parks reopened, people used Lyft to do more this weekend, and surprisingly, cities with looser restrictions on lockdown had the biggest increases. Rides in Austin, Texas, for example, increased 70 percent between April and May.
Unlike rival Uber, Lyft has failed to fall back on a food delivery business while people have been locked into their homes. However, it recorded a 118 percent increase in the use of shared bikes from April to May – perhaps a sign of growing appeal in one of the few forms of socially distant public transport.