Lyft says it just had the most weekly riders since start of pandemic
Lyft said Thursday that last week was its best, in terms of rider volume, since lockdowns began in March 2020. The company also posted positive year-over-year growth in daily ride-hailing volume for the first time in a year on Wednesday, March 17.
The company’s stock was up more than 1% in the morning following its announcement.
Ride-hailing companies are beginning to rebound from their pandemic lows as Covid vaccines roll out and state restrictions are lifted, pushing people to feel more comfortable returning to work or traveling. As of Wednesday’s close, shares of Lyft and Uber were up more than 250% and 198%, respectively, year over year.
Lyft now expects to post positive weekly ride-hailing growth on a year-over-year basis and every subsequent week through the end of the year (barring a significant worsening of coronavirus conditions).
Starting next week, the company said it expects its ride-hailing volume to grow in excess of 100% year over year as it begins “to lap the significant impact of Covid-19 on our business a year ago.”
Lyft’s update comes about two weeks after it reported in an SEC filing that improving trends will allow it to narrow losses in the current quarter by more than expected. The company said it expects to manage its adjusted EBITDA loss in the first quarter to $135 million, from the $145 million to $150 million it previously forecast.