Lyft is introducing a “more affordable sort of higher-end ride” in an attempt to offer ride-hail products that customers actually want, CEO David Risher said Wednesday during the company’s third-quarter earnings call. The move comes after Lyft has been successful, by some metrics, in regaining market share from Uber by slashing its ride-hail fares. In […] © 2023 TechCrunch. All rights reserved. For personal use only ..read more

Lyft’s strategy of slashing ride-hail fares to compete with Uber has resulted in slow and steady gains for the company, but competition remains fierce.  According to Lyft’s third-quarter earnings, reported Wednesday, Lyft’s active ridership numbers have increased sequentially quarter-over-quarter this year. In the three months ending September 30, Lyft recorded 22.4 million active riders, up […] © 2023 TechCrunch. All rights reserved. For personal use only ..read more

Lyft has agreed to pay a $10 million fine over a U.S. Securities and Exchange Commission charge that the ride-hailing company failed to disclose a board director’s role in the sale of $424 million worth of private shares before its initial public offering.  The SEC said Monday that prior to Lyft’s IPO in March 2019 ..read more

Lyft rolled out a new feature Tuesday in five U.S. cities, including Chicago and San Francisco, that lets women and nonbinary drivers set a preference for picking up only women riders. The preference feature, called Women+ Connect, could help Lyft attract more women drivers to the app, which today stands at about 23%. The move ..read more

A year ago, a Massachusetts court ruled to throw out a 2022 proposed ballot measure that sought to define gig workers as independent contractors rather than employees. Now it appears that proposal is getting a second wind. The state’s attorney general, Andrea Campbell, on Wednesday approved backers of the ballot measure to begin collecting the ..read more

Ride-hailing giant Lyft will start displaying ads in-app, as well as via in-car tablets, rooftops and bikeshare stations. “Lyft has a captive audience throughout their entire ride journey – waiting for their car, matching with their driver, and in ride – and brands can now reach riders in relevant and tailored ways across our suite of Lyft Media products,” said Zach Greenberger, Lyft’s chief business officer, in a statement. I know what you’re thinking. Thank goodness, more ads! Even better, ads via the app that know exactly where you are and where you’re going! Getting dropped off at a friend ..read more

Lyft has been cutting fares in order to secure more riders, and it’s working. But that success has come with a (literal) cost. The ride-hail company reported Tuesday during its second quarter 2023 earnings an increase in riders and decrease in revenue per active rider. That discrepancy was fueled by a decision by the company to “price in line with the market,” according to CEO David Risher. Lyft’s revenue per rider decreased almost 5% quarter-over-quarter, while the number of active riders increased in the second quarter to 21,487 riders, up from 19,552 in the first quarter. Lyft appears ..read more

Lyft made less money per active rider in the second quarter — something that might normally give investors pause. Yet, the ride-hailing giant’s stock price initially rocketed nearly 14% in after-hours trading following its Q2 2023 earnings report. The stock then shed its after-hours gains shortly before this story went live. The company’s enthusiastic investors seemed to be reacting to its positive outlook for its third fiscal quarter. While Lyft’s Q2 revenue matched Wall Street estimates of $1.02 billion — a mere 2% increase from the $1 billion in revenue Lyft pulled in Q1 — the company forec ..read more

Lyft shares tanked as much as 12% moments after the company reported first-quarter earnings as investors placed more weight on a dim outlook and lower quarter-over-quarter revenue than other financial gains.  Shares have since stabilized in after-hours trading, now trading down about 10%.   Lyft beat both its own revenue expectations and Wall Street’s, but it wasn’t enough to assuage investors focused on the ride-hailing company’s future.  The company closed the first quarter of the year with $1 billion in revenue, up 14% from the same quarter last year. It should be noted ..read more

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