July 24, 2021

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Lyft expects positive weekly ride-share growth beginning this week

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Lyft said last month it could make an adjusted profit by the third quarter of this year despite the pandemic, thanks to additional cost cuts and an expected rebound in ride-hailing demand beginning in the second quarter of 2021.

Ride-hailing company Lyft Inc said on Thursday it expects positive weekly growth in its ride-share segment beginning this week through the end of the year, as demand rebounds following the rollout of COVID-19 vaccines.

The company said its app-based ride volume last week was the highest since March last year. For the following week, Lyft expects volumes to more than double compared to a year earlier.

Scaling up of COVID-19 vaccine distribution is expected to gradually restore pre-pandemic normality to the ride-hailing sector, following a tumultuous year for Lyft and rival Uber Technologies Inc.

Lyft said last month it could make an adjusted profit by the third quarter of this year despite the pandemic, thanks to additional cost cuts and an expected rebound in ride-hailing demand beginning in the second quarter of 2021.

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