DIRS.INFO The most relevant business & tech news

☆ Lyft shares fall nearly 25% after forecasting revenue below estimates
▼ + stars: | 2023-02-09 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Lyft (LYFT) on Thursday forecast current-quarter revenue below Wall Street estimates, blaming extremely cold weather in some of its major markets and lower prices, especially during peak hours, sending its shares down nearly 25% in extended trading. For the fourth quarter, Lyft reported an adjusted EBITDA of $126.7 million, excluding $375 million it had set aside for increasing insurance reserves. Analysts had forecast $91.01 million. Active riders rose 8.7% increase to 20.36 million for the fourth quarter, Lyft said. Revenue rose 21% to $1.18 billion, slightly above the average estimate of $1.16 billion.

☆ A plan to tax the rich to fund electric cars is on the ballot in California
▼ + stars: | 2022-11-08 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —California has long been a leader among states, and even countries, in promoting a shift to electric cars, including with its plans to ban the sale of purely gas-powered cars by 2035. Opponents of the ballot initiative claim it’s really just an attempt by one tech company to benefit itself at the expense of other priorities. Opponents of the ballot initiative claim Lyft’s support is self-serving. But a rule like Prop 30, which would make it easier for just about anyone in California to buy an electric car, including Lyft drivers. And electric cars are too expensive for lower income residents to afford, so the financial support is needed, especially with sales of gas cars being banned in the future.

☆ 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.

☆ Lyft to lay off 13% of staff
▼ + stars: | 2022-11-03 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN Business —Lyft on Thursday said it will lay off 13% of its staff, or nearly 700 employees, as it rethinks staffing amid rising inflation and fears of a looming recession. In a memo to staffers on Thursday, a copy of which was shared with CNN Business, Lyft (LYFT) co-founders Logan Green and John Zimmer said the layoffs will impact every part of the company, and pointed to broader macroeconomic challenges that led to the cuts. But a number of tech companies reported slowing growth in the September quarter, as customers and advertisers rethink spending. “We are not immune to the realities of inflation and a slowing economy,” Lyft’s founders wrote in the memo to staffers. Shares for Lyft are down nearly 70% so far this year.

☆ Gig worker rule comes at bad time for gig economy
▼ + stars: | 2022-10-11 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

President Joe Biden’s administration is seeking to turn some independent contractors into employees. Shares of Uber, Lyft and DoorDash were down approximately 7% by noon in New York. Analysts expect Uber, DoorDash and Lyft to earn EBITDA margins of just 5% to 7% of revenue this year, according to Refinitiv. A gig worker rule comes at the worst possible time for America’s gig economy. The rule would require companies that rely on so-called gig workers to designate them as employees, making them eligible for more benefits and legal protections.

☆ Uber’s safety issues still loom large: Another five passengers sue company over alleged sexual assault incidents
▼ + stars: | 2022-07-14 | by ( Sara Ashley O'Brien | ) edition.cnn.com time to read: +5 min

CNN —Five more passengers are suing Uber over alleged sexual assault incidents that occurred in recent months at the hands of drivers on its platform. The incidents detailed in a lawsuit filed this week in San Francisco County Superior Court took place between August 2021 to February 2022 in Massachusetts, Pennsylvania, Illinois and California. Slater Slater Schulman LLP is among several firms with practices targeting safety issues on Uber and Lyft’s services. Across its two safety reports, which cover 2017 to 2020, the company disclosed that it received 9,805 reports of the most severe categories of sexual assault, which range from “non-consensual kissing of a non-sexual body part” to “non-consensual sexual penetration,” or rape. In March 2021, Uber and Lyft announced they would share the names of drivers who were deactivated over the most severe safety incidents.

Search resuls for: "Lyft’s"

6 mentions found