As the pandemic continues to take its toll, Lyft announced a 61% drop in second-quarter revenue and a net loss of more than $430 million.
No matter. It still aims to become EBITDA profitable in the fourth quarter of next year and will do so with 20%-25% fewer rides than it was initially counting on, according to Brian Roberts, Lyft’s chief financial officer.
How does it propose to get there? In April, the ride-hailing company took a series of cost-saving measures, including cutting 17% of its workforce, furloughing workers, and reducing pay across the board. Meanwhile, ride demand has been rebounding from the sharp drop-off that accompanied the start of lockdowns across the US. In July, Lyft’s rides business was up 78% from April levels.
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