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☆ Mark Cuban says this is the No. 1 piece of advice he wishes he'd received in his 30s
▼ + stars: | 2023-06-13 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

"I wish somebody would have told me to be nicer," said Cuban, 64, when asked what advice he'd give his younger self. Cuban and his business partner Todd Wagner joined AudioNet, an audio streaming company, as co-founders in 1995 — alongside its original founder, Chris Jaeb. The company was later renamed Broadcast.com, and acquired by Yahoo for $5.7 billion in stock in 1999, making Cuban rich. For example, Lyft co-founders John Zimmer and Logan Green built their company using a "nice guy strategy," Zimmer told the Financial Times in 2017. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.

Persons: Mark Cuban didn't, he'd, Let's, Todd Wagner, AudioNet, Chris Jaeb, Todd, —, hadn't, Gartner, Caitlin Duffy, Duffy, Lyft, John Zimmer, Logan Green, Zimmer, Green, Mark Cuban, Warren Buffett Organizations: Yahoo, Gallup, CNBC, Employees, Financial Times Locations: Cuban

☆ 'I don't need to dethrone a king': New Lyft CEO says the company can succeed without annihilating Uber
▼ + stars: | 2023-05-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +3 min

Lyft CEO David Risher told CNBC's Jim Cramer on Friday he doesn't need to annihilate the competition — namely ride-share behemoth, Uber — to successfully turn around the struggling company. "I don't need to dethrone a king," Risher said, insisting the current market warrants two players because customers and drivers like to have options. "Five years from now, I hope people are no longer asking about Uber and Lyft," Risher continued, "I hope what they're saying is, 'Look what an amazing experience Lyft has created that'll help us get out and live our lives.'" Risher assumed the role of Lyft CEO just under a month ago, taking the reins from one of the company's co-founders, Logan Green. Risher made his name as an Amazon retail executive, joining the company in 1997 as its 37th employee, he told Cramer; he left in 2002.

☆ Lyft shares plunge 15% on weak second-quarter guidance
▼ + stars: | 2023-05-04 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Lyft shares dropped nearly 15% in extended trading on Thursday after the ride-hailing company issued a weaker-than-expected forecast for the second quarter. Lyft said it expects second-quarter sales of approximately $1.0 billion to $1.02 billion, while analysts were projecting $1.08 billion, according to Refinitiv. Adjusted earnings before interest, taxation, depreciation and amortization will be $20 million to $30 million, the company said. "We're improving our rideshare service and are thrilled with the early results," Lyft CEO David Risher said in a statement. Prior to the after-hours decline, Lyft shares had lost half their value in the past year.

☆ Lyft CEO tells employees they must return to the office
▼ + stars: | 2023-04-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Lyft’s new CEO David Risher announced another change for the ride-share company: Workers will soon have to return to the office. On Friday, Risher announced “the first steps in a plan for a flexible model with more regular in-office work,” a Lyft spokesperson said. “Personal connection matters and Lyft is about bringing people together,” a statement from Lyft said. Lyft also last year decided to sublease portions of its corporate office space in San Francisco, New York City, Nashville and Seattle, Bloomberg reported. It was the second layoff announcement since November, when the company announced a 13% workforce cut amid fears of an upcoming recession.

☆ Lyft to cut 1,072 employees, or 26% of its workforce
▼ + stars: | 2023-04-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Ride-hailing app Lyft will lay off 1,072 employees, roughly 26% of its corporate workforce, and won't hire for an additional 250 positions, the company said in an SEC filing Thursday. The news comes a week after a memo from new Lyft CEO David Risher confirmed that the company would trim its head count. The company has around 4,000 employees and had already implemented a 13% head count reduction in November 2022. Lyft co-founders Logan Green and John Zimmer remain on the company's board, having led the company through its 2019 public offering and subsequent expansion. The broader economic slowdown has hit tech companies particularly hard: More than 184,000 tech employees have lost their jobs in 2023 alone, according to data from Layoffs.fyi.

☆ Lyft plans to ‘significantly reduce’ workforce, CEO says
▼ + stars: | 2023-04-21 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

CNN —Lyft (LYFT) plans to “significantly reduce” its workforce, the company’s new CEO David Risher told employees on Friday, in another round of layoffs as it struggles to turn a profit and pull off a turnaround. “To do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. Now Uber is showing renewed strength In its most recent earnings report, Uber said that it had its “strongest quarter ever,” reporting a 49% year-over-year increase in revenue. Lyft’s latest earnings report, meanwhile, was unusually disappointing for Wall Street. Lyft shares were up 6% in midday trading Friday, but the company’s stock is down roughly 70% over the past year.

☆ Goldman Sachs loves these stocks, but the rest of Wall Street hates them
▼ + stars: | 2023-04-06 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Finding opportunities in this tricky stock market is no easy task, and Goldman Sachs thinks it might be worth looking at these unloved gems with great potential. The Wall Street bank identified a slew of stocks where its analysts are bullish but most of the Street gave either a neutral or sell rating. These stocks with buy ratings from Goldman analysts have at least 10% upside, based on their price target, and the firm's earnings estimates for these companies are at least 2% above consensus. "These names appear underappreciated by the market and could generate alpha for investors with a contrarian view," Goldman said. Ride sharing giant Lyft is also widely hated by Wall Street, except for Goldman.

☆ Lyft Staff Pressed Founders for Change as Uber Pulled Ahead
▼ + stars: | 2023-04-01 | by ( Preetika Rana | Emily Glazer | ) www.wsj.com time to read: 1 min

Lyft Inc.’s leadership change this week followed months of discontent among some employees over the company’s shrinking market share and stock price. As the ride-share company has struggled with competition from Uber Technologies Inc., some people within the company had been questioning the leadership of its co-founders—Chief Executive Logan Green and President John Zimmer —for months. Some investors and stock analysts also had urged change.

☆ How Uber left Lyft in the dust
▼ + stars: | 2023-03-29 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

In the process, Lyft cultivated a feel-good brand – but Uber dominated the market. “As a member of the board, he knows both the challenges and opportunities ahead.”For Lyft, the current challenges are immense. While Uber diversified its business beyond ride-hailing by delivering meals and grocery items, Lyft never did. David Risher, Lyft's new CEO, flanked by Lyft's co-founders, Logan Green (left) and John Zimmer (right). Davidson, wrote in a note this week that the new CEO “could signal an increased willingness to broaden the strategic aperture at LYFT a bit as it relates to areas like product strategy (delivery), partnerships, or other novel ways to create value.”Former Uber CEO Travis Kalanick (left); current Uber CEO Dara Khosrowshahi (right).

☆ Lyft’s New Boss Quickly Loses His Signing Bonus
▼ + stars: | 2023-03-28 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Lyft’s past two quarterly reports have disappointed investors and sparked major stock selloffs. David Risher helped an online bookseller figure out how to also move DVDs, toys, stereos and garden supplies. Lyft announced late Monday that co-founders Logan Green and John Zimmer are stepping down from their respective roles as chief executive and president of the ride-sharing company to hand the wheel to Mr. Risher. The change takes place on April 17 when Mr. Risher will take over the CEO post and Messrs. Zimmer and Green become chair and vice chair of the company’s board, respectively. Mr. Risher has been serving on Lyft’s board since 2021.

☆ Jim Cramer's top 10 things to watch in the stock market Tuesday: Alibaba split, Disney, Microsoft
▼ + stars: | 2023-03-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Club holding Meta Platforms (META), which itself has de-emphasized the metaverse, is not done laying off people this time because of performance reviews. Where is Meta CEO Mark Zuckerberg going? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Lyft shares jump as Wall Street welcomes CEO change
▼ + stars: | 2023-03-28 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

Lyft said on Monday co-founders Logan Green and John Zimmer would step down as CEO and president, respectively, handing the reins to David Risher who has been a board member since 2021. Risher was among the first employees at Amazon.com Inc(AMZN.O) and served as the e-commerce giant's first head of product. Risher's experience on Lyft's board also gives him a strong command of the business relative to the average incoming CEO, RBC Capital Markets said. Lyft's shares were trading at $10.20 on Tuesday. Rival Uber also had a CEO change in 2017, when it hired then Expedia Inc (EXPE.O) top boss Dara Khosrowshahi.

☆ Stocks making the biggest moves before the bell: Alibaba, Lyft, Walgreens and more
▼ + stars: | 2023-03-28 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Chinese technology stocks such as Alibaba and Tencent have been hammered in 2022 as regulatory pressure and a slowing Chinese economy weighed on growth. Alibaba — Shares jumped 9.8% after the e-commerce giant said it would split its company into six separate business groups. Meanwhile, the company reported revenue at $34.86 billion, beating the $33.53 billion expected by Wall Street. PagSeguro — Shares gained 5% after Citi upgraded the Brazilian payment stock to buy on the back of fourth-quarter earnings. Array Technologies — The renewable energy stock added 3.6% following an upgrade to buy from hold by Truist.

Lyft Inc., grappling with competition and a battered stock price, is tapping a board member as its chief executive, and its two co-founders will step back from managing the company, the ride-sharing company said Monday. David Risher , who had management stints at Amazon.com Inc. and Microsoft Corp. before starting a childhood-reading nonprofit in 2009, will take over from Logan Green , who co-founded Lyft with current President John Zimmer . The pair will retain their seats on the board but not participate in running Lyft day-to-day.

☆ Lyft announces new CEO, says co-founders will step aside from management positions
▼ + stars: | 2023-03-27 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Lyft announced on Monday that Amazon veteran David Risher will join as chief executive next month, and that co-founders Logan Green and John Zimmer will step down from their management positions at the ride-hailing company. Green, who is currently the CEO, will be succeeded by Risher effective April 17, the company said in a statement. Both Green and Zimmer will stay on at Lyft in non-executive roles as chair and vice chair of the Lyft board, respectively. Lyft (LYFT) emphasized Risher’s management experience at Amazon (AMZN) and Microsoft (MSFT), though he has not worked at either in two decades according to his LinkedIn profile. He was the 37th employee of Amazon (AMZN), and went on to become the e-commerce giant’s first head of product and head of US retail, according to a statement from Lyft (LYFT).

☆ Lyft cofounders Green and Zimmer to step back from day-to-day operations
▼ + stars: | 2023-03-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLyft cofounders Green and Zimmer to step back from day-to-day operationsLyft’s cofounders, Logan Green and John Zimmer, are stepping down as CEO and president, respectively. CNBC's Deirdre Bosa has the details.

☆ Lyft picks new CEO as founders tap out amid fierce competition
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

Risher, a former Amazon and Microsoft executive, ran non-profit Worldreader for over a decade before joining Lyft's board in 2021. Shares of Lyft lost nearly three-quarters of its value in 2022 and is down about 13% this year. Shares of Lyft, which is yet to report an annual profit, rose about 3% in trading after the bell. A member of the Lyft board of directors since July 2021, Risher will become CEO on April 17, while Green and Zimmer will continue to serve as chair and vice chair of the board. Risher will be paid an annual salary of $725,000 and will get a signing bonus of $3.25 million, the company said.

☆ Lyft CEO and president to step down, former Amazon exec David Risher named as replacement
▼ + stars: | 2023-03-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Lyft 's cofounders, CEO Logan Green and president John Zimmer, will soon step back from their day-to-day roles, the company announced on Monday. David Risher, a former retail executive at Amazon , will be CEO of the ridesharing company beginning April 17, when Green will step aside to serve as chair of the board. Zimmer will transition out of his role on June 30 to serve as vice chair of the Lyft board. Lyft shares have fallen more than 70% in the last year. Risher joined Amazon in 1997 as its first vice president of product and store development.

☆ Lyft is second horse in a one-horse town
▼ + stars: | 2023-02-10 | by ( Jennifer Saba | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 10 (Reuters Breakingviews) - Lyft (LYFT.O) shares skidded 35% on Friday morning after the company reported dismal quarterly results. Lyft’s net loss of nearly $600 million in the fourth quarter was twice what it lost a year earlier. Uber dominates ride-sharing because it has five times as many monthly active drivers and couriers as Lyft. The ride-sharing firm recorded a quarterly net loss of $588 million compared to a net loss of $283 million in the fourth quarter of 2021. Lyft rival Uber Technologies reported on Feb. 8 that fourth-quarter revenue increased 49% to $8.6 billion.

It came after Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. The company had 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising ride-share insurance costs. Shopify: 1,000 jobs cutIn July, Shopify announced it laid off 1,000 employees, which equals 10% of its global workforce. Tesla: 6,000 jobs cut

☆ Layoffs Create Pitfalls for Finance Executives Looking to Cut Costs
▼ + stars: | 2022-11-28 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +6 min

They are increasingly looking to layoffs as a way to preserve capital, alongside other measures, such as hiring freezes. Finance chiefs play a key role in this by determining which costs to cut and setting companies’ financial targets, said advisers who work with companies during staffing cuts. Tech business HP Inc., ride-hailing company Lyft Inc. and tool-and-appliance maker Stanley Black & Decker Inc. have announced layoffs in recent months. Finance chiefs are increasingly part of the initial discussions about whether job cuts are needed, said Hardik Sheth, a partner at Boston Consulting Group, a management consulting firm. Some employees at Twitter, which recently cut roughly half of its workforce, are now pushing back against the dismissals.

☆ Here's a rundown of tech companies that have announced layoffs in 2022
▼ + stars: | 2022-11-09 | by ( Sofia Pitt | ) www.cnbc.com time to read: +8 min

Days after Twitter's new boss Elon Musk slashed half his company's workforce, Facebook parent Meta announced its most significant round of layoffs ever. Last month, Meta announced a second straight quarter of declining revenue and forecast another drop in the fourth quarter. The tech industry broadly has seen a string of layoffs in 2022 in the face of uncertain economic conditions. Lyft: around 700 jobs cutLyft announced last week that it cut 13% of its staff, or about 700 jobs. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising rideshare insurance costs.

☆ Lyft shares fall after disappointing revenue, active rider miss
▼ + stars: | 2022-11-08 | by ( Annie Palmer | ) www.cnbc.com time to read: +2 min

Shares of Lyft plunged more than 19% in early trading Tuesday, a day after the company reported worse-than-expected revenue for the third quarter, and active riders missed analysts' estimates. Lyft had 22.9 million active riders in the fourth quarter of 2019, for example. Revenue of $1.05 billion also came in below analysts' expected $1.06 billion. For the current quarter, Lyft said it expects to report revenue between $1.15 billion and $1.17 billion, which is in line with consensus estimates of $1.16 billion, according to StreetAccount. WATCH: Lyft beats EPS but misses on revenue and active riders

☆ What the wave of tech layoffs tell us about the economy
▼ + stars: | 2022-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Tech companies are announcing an alarming number of layoffs and hiring freezes. ▸ Lyft (LYFT) said last Thursday that it will lay off 13% of its employees, or nearly 700 people, as it rethinks staffing amid rising inflation and fears of a looming recession. But other companies won’t be immune to the softening demand from consumers and businesses that tech companies have noted. It doesn’t help that the uncertainty around the platform comes at a bad time for ad revenue-dependent tech companies. More potential supply chain woesThe threat of a US rail strike that could disrupt supply chains is still very real.

☆ Read part of the memo Lyft's cofounders sent to employees as the company begins laying off nearly 700 staffers
▼ + stars: | 2022-11-04 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

"Still, Lyft has to become leaner, which requires us to part with incredible team members." To help provide initial context, we want to share how we made this decision, how we're supporting departing team members, and what to expect over the coming days. Support for departing team membersWe understand the real impact this decision has on departing team members. Team members with 4+ years with Lyft will receive an additional four weeks of pay. Moving forwardOur priority today is taking care of departing team members, who for many of us are also friends.

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