Lyft to 'significantly' cut jobs in new CEO's first major move
1 year, 8 months ago

Lyft to 'significantly' cut jobs in new CEO's first major move

The Hindu  

Lyft Inc. CEO David Risher said on Friday the ride-hailing company will "significantly" cut jobs in another round of layoffs to reduce costs, sending its shares up about 4%. The company declined to provide details on the number of affected staff, but the Wall Street Journal reported earlier in the day the move could impact 30% of Lyft's workforce, or more than 4,000 employees. The decision comes weeks after the newly appointed CEO said Lyft was not for sale, disappointing some investors who had speculated that the exit of the company's founders would pave the way for a deal and pushed up its stock last month. The two companies have been locked in a battle for market share coming off the pandemic lows, and investors worry that Lyft's price cuts to avoid being a distant second in the North American ride-sharing market would squeeze its profits.

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History of this topic

Lyft Soars on Strong Earnings Outlook Bolstered by Record Trips
2 months ago

Lyft Soars on Strong Earnings Outlook Bolstered by Record Trips

Live Mint  

-- Lyft Inc. shares surged in late trading after issuing strong earnings guidance for both this quarter and the full year, signaling that the ride-hailing service’s plan to attract more commuters is working. The San Francisco-based company said fourth-quarter adjusted earnings would total as much as $105 million, far surpassing analysts’ estimates of $85 million. Lyft’s earnings serve as a …

Lyft shares suffer biggest fall in more than a year, even as it reports first quarterly profit
5 months ago

Lyft shares suffer biggest fall in more than a year, even as it reports first quarterly profit

Associated Press  

Lyft shares tumbled to their biggest loss in more than a year on Wednesday after the ride-hailing app reported gross bookings that spooked investors. Shares of Lyft were down close to 13% in midday trading to $9.54 per share, even as the San Francisco company turned in its first quarterly profit, earning $5 million. Lyft defines gross bookings as the …

Lyft’s CEO David Risher says ‘My bad’ on margin error, ‘It was one zero’
10 months, 3 weeks ago

Lyft’s CEO David Risher says ‘My bad’ on margin error, ‘It was one zero’

Live Mint  

Lyft Inc. Chief Executive Officer David Risher’s response to a clerical error that unintentionally inflated the company’s earnings outlook on Tuesday and sent shares soaring: “My bad.” “First of all, it’s on me,” Risher said in an interview with Bloomberg Television on Wednesday, taking the blame for a typo in a company press release Tuesday that erroneously projected a particular …

Lyft shares rocket 62% over a typo in the company’s earnings release
10 months, 3 weeks ago

Lyft shares rocket 62% over a typo in the company’s earnings release

Associated Press  

Lyft shares jumped 62% after the closing bell Tuesday thanks in part to a typo in the ride-hailing company’s earnings release that appears to have sent investors’ auto-trading algorithms — or “bots” — into a buying frenzy. Lyft’s fourth-quarter report initially forecast that an important profit metric was expected to climb by 500 basis points, or 5%, in 2024. Shares …

Uber to lay off 200 employees; 17 pc reduction in workforce since COVID pandemic
1 year, 6 months ago

Uber to lay off 200 employees; 17 pc reduction in workforce since COVID pandemic

India TV News  

Ride-hailing giant Uber is laying off 200 employees in its recruitment division in a cost-cutting exercise. According to a report in The Wall Street Journal, the latest cuts account for 35 per cent of Uber's recruiting team. 17% reduction in workforce Since the beginning of the epidemic, the company has reduced its employees by 17 per cent till date. In …

Lyft's new CEO tackles a job requiring some heavy lifting
1 year, 8 months ago

Lyft's new CEO tackles a job requiring some heavy lifting

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mobile tracking data compiled by wireless network testing firm …

Lyft gears up to make 'significant' layoffs under new CEO
1 year, 8 months ago

Lyft gears up to make 'significant' layoffs under new CEO

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Lyft’s results show pain but also hope as some riders return
4 years, 1 month ago

Lyft’s results show pain but also hope as some riders return

Associated Press  

NEW YORK — Lyft is still feeling the pandemic’s severe impact on the ride-hailing industry but its third-quarter results show signs of a recovery from the previous three months when passengers stayed locked down. “Bikes and scooters were a bright spot during the quarter, further validating our diversified approach transportation,” said John Zimmer, president and co-founder of Lyft. Ride-hailing companies …

Uber to cut 3,000 more jobs in second round of layoffs; 'made incredibly difficult decision to reduce workforce', says CEO in mail to employees
4 years, 7 months ago

Uber to cut 3,000 more jobs in second round of layoffs; 'made incredibly difficult decision to reduce workforce', says CEO in mail to employees

Firstpost  

Uber Technologies Inc, the San Francisco-based ride-hailing company, is laying off 25 percent of its staff. It will cut a total of 6,700 jobs, including the 3,700 it had announced earlier this month, Chief Executive Officer Dara Khosrowshahi said, adding that the company plans to reduce investments in several “non-core projects,” according to Reuters. He said Uber must establish itself …

Uber has now cut 25% of its staff during coronavirus pandemic
4 years, 7 months ago

Uber has now cut 25% of its staff during coronavirus pandemic

CNN  

CNN Business — Uber informed staff on Monday that it is cutting another 3,000 employees as it continues to grapple with the pressure from the global pandemic on its core business. In an email to staffers on Monday, which was viewed by CNN Business, Uber CEO Dara Khosrowshahi said the company is also “closing or consolidating” around 45 office locations …

Lyft to cut 17% of staff and furlough hundreds more due to pandemic
4 years, 8 months ago

Lyft to cut 17% of staff and furlough hundreds more due to pandemic

CNN  

CNN Business — Lyft plans to cut nearly 1,000 staffers and furlough hundreds more as it grapples with the impact of the ongoing pandemic on people using its ride-hailing services. In the filing, Lyft cited the downsizing as a means of curbing operating expenses and adjusting its cash flow “in light of the ongoing economic challenges resulting from the COVID-19 …

How a coronavirus recession could be disastrous for Uber and Lyft drivers
4 years, 9 months ago

How a coronavirus recession could be disastrous for Uber and Lyft drivers

LA Times  

Christian Perea, a San Francisco Uber driver with diabetes, stopped driving as a precaution at the end of February. “So when the recession comes the amount of people spending money on conventions, on businesses and hotels and traveling and going out to eat and sort of doing all of these things where calling an Uber or Lyft makes sense actually …

Lyft says it won’t be profitable until 2021, disappointing investors
4 years, 10 months ago

Lyft says it won’t be profitable until 2021, disappointing investors

LA Times  

Lyft Inc. quarterly results and guidance for 2020 disappointed investors who punished the ride-hailing company for not promising profits sooner. Lyft’s results come a few days after larger rival Uber Technologies Inc. reported quarterly numbers that blew past analysts’ expectations and announced that it was moving up its target for profitability. “In 2020 we expect strong top line growth as …

Uber lays off 350 workers across different departments
5 years, 2 months ago

Uber lays off 350 workers across different departments

CNN  

San Francisco CNN Business — Uber laid off approximately 350 employees across several different teams on Monday, a spokesperson confirmed to CNN Business. The cuts are the third and final round of layoffs that began months ago, now affecting employees from Uber Eats, performance marketing, the advanced technologies group, recruiting and teams within the global rides and platform departments, Uber …

Uber and Lyft both hit all-time lows and continue to struggle since their IPOs
5 years, 4 months ago

Uber and Lyft both hit all-time lows and continue to struggle since their IPOs

CNN  

New York CNN Business — Uber and Lyft have been huge flops since they debuted on Wall Street earlier this year. Both companies recently lost massive amounts of money — Uber posted a more-than $5.2 billion loss in the second quarter, while Lyft reported a loss of nearly $650 million. Investors are also growing skeptical about the ability of Uber, …

Banker gives inside look at why Uber and Lyft IPOs failed to live up to the hype
5 years, 7 months ago

Banker gives inside look at why Uber and Lyft IPOs failed to live up to the hype

CNN  

New York CNN Business — Uber and Lyft were two of the most highly anticipated IPOs in recent memory. The high-profile flops demonstrate the need for money-losing companies to do a much better job explaining how they’ll eventually make money, according to Carter Mack, whose investment bank helped bring Uber and Lyft public. The disappointing debuts of Uber and Lyft, …

Uber shares add to losses as CEO expects further pressure
5 years, 7 months ago

Uber shares add to losses as CEO expects further pressure

Live Mint  

Uber Technologies Inc's shares fell 12% on Monday, more than doubling their losses since the ride-hailing giant's poorly received market debut, and its chief executive officer said he expected the stock to remain under pressure in the coming months. Uber lowered its valuation expectations twice in the past two months to address investor concerns over its mounting losses, and finally …

Uber CEO expects further pressure as falling shares more than double losses; says stock did not trade as well as hoped post-IPO
5 years, 7 months ago

Uber CEO expects further pressure as falling shares more than double losses; says stock did not trade as well as hoped post-IPO

Firstpost  

Uber’s market capitalization has fallen to about $61 billion since its IPO on Thursday, still larger than Wall Street heavyweights including General Motors and FedEx Uber Technologies Inc’s shares fell 12 percent on Monday, more than doubling their losses since the ride-hailing giant’s poorly received market debut, and its chief executive officer said he expected the stock to remain under …

Uber makes its Wall Street debut
5 years, 7 months ago

Uber makes its Wall Street debut

CNN  

New York CNN Business — For nearly two years, Uber raced to rebuild its executive bench, overhaul its internal culture and repair its tarnished brand after suffering a long list of PR crises, all with the stated intention of being ready to go public in 2019. Shares of Uber fell more than 7% on its first day of trading Friday, …

Uber sets IPO pricing
5 years, 8 months ago

Uber sets IPO pricing

CNN  

CNN — The most hyped IPO of the year turned out to be smaller than some expected. At the top end of that proposed price range, Uber would have been valued at $91 billion on a fully diluted basis, an impressive sum but well below the $120 billion valuation that bankers had once reportedly suggested to the company. The conservative …

Ride-hailing drivers expose financial unrest before Uber IPO
5 years, 8 months ago

Ride-hailing drivers expose financial unrest before Uber IPO

Associated Press  

NEW YORK — The executives at Uber are working hard to design a future where the company earns billions of dollars by allowing riders to summon fully automated robotaxis. “The drivers are the one who helped Uber to be $100 billion, nobody else, and the drivers are the ones who are suffering,” said Inder Parmar, 54, an Uber driver who …

Uber looks to raise up to $9B in initial public offering
5 years, 8 months ago

Uber looks to raise up to $9B in initial public offering

Associated Press  

NEW YORK — Ride-hailing giant Uber is aiming to raise $9 billion in its mammoth initial public stock offering that, while smaller than initially expected, still dwarfs most stock market debuts. The San Francisco-based company expects to be valued at $80.5 billion to $91.5 billion, falling well below prior estimates that rose as high as $120 billion, in a sign …

Uber’s valuation appraisal more complex than Lyft’s, says professor
5 years, 8 months ago

Uber’s valuation appraisal more complex than Lyft’s, says professor

Live Mint  

Uber Technologies Inc. isn’t exactly Lyft Inc., said Aswath Damodaran, a finance professor at New York University’s Stern School of Business, but the market will price them relative to each other. The two ride-sharing companies are making their debuts in the equity capital markets, with Lyft going public at the end of last month, and Uber filing its prospectus last …

Lyft will be the first ride-hailing company to float its shares
5 years, 9 months ago

Lyft will be the first ride-hailing company to float its shares

The Economist  

U NICORNS ARE horned mythical creatures that do not exist. In the world of technology they have multiplied in recent years, at least if you define them as privately held startups valued at more than $1bn. Ride-hailing apps, which allow passengers to summon cars driven by their owners, form a particularly fertile subspecies. As The Economist went to press on …

Lyft aims to raise up to $2.1 billion in 2019’s biggest US IPO
5 years, 9 months ago

Lyft aims to raise up to $2.1 billion in 2019’s biggest US IPO

Live Mint  

San Francisco: Lyft Inc. is seeking to raise as much as $2.1 billion in its initial public offering, valuing the firm at almost $20 billion. At the targeted range, the San Francisco-based company’s offering will be the biggest from a tech upstart since Snap Inc. went public two years ago, and the largest in the US so far this year …

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