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☆ Morning Bid: Apple comforts as payrolls loom
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +5 min

Apple upped its dividend and authorized another $90 billion share repurchase program, same as a year ago. Apple's stock has outperformed most of Wall Street in 2023, up 28% year-to-date. After a torrid 2022, that narrow index is up 35% so far this year - far outstripping the Nasdaq 100's (.NDX) 18% gain and accounting for the bulk of the more modest 6% rise in the S&P500 <.S&P500>. And after three hefty daily retreats in a row for the S&P500 this week, futures are up 0.4% ahead of Friday's open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Lyft rattles Wall Street as margins suffer in race with Uber
▼ + stars: | 2023-05-05 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

May 5 (Reuters) - Lyft Inc shares (LYFT.O) tumbled nearly 20% on Friday as the ride-hailing company's strategy to claw back market share from rival Uber (UBER.N) with lower fares stoked concerns about a hit to its profit margins. At least 16 analysts slashed their price targets on a stock that has widely underperformed the market this year. The company's market capitalization was set to decline by nearly $800 million to about $3.3 billion, a far cry from the over $24 billion valuation it commanded in its 2019 stock market listing. "This looks like an Everest-like uphill battle ahead for Lyft in our opinion," said Dan Ives of Wedbush Securities. Lyft shares underperform Uber'sReporting by Aditya Soni; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Shares fell about 11% in trading after the bell as both revenue and core earnings forecasts for the current quarter were below expectations. The dismal forecast follows job cuts by Lyft, which is trying to cut costs under new CEO David Risher who took charge last month. Lyft's adjusted core earnings of $22.7 million also exceeded expectations of $12 million, according to Refinitiv data, despite a 13.2% rise in costs to $1.22 billion from a year ago. But its revenue as well as core earnings forecast for the current quarter was below market expectations. The company said it expected revenue of $1 billion to $1.02 billion, below estimates of $1.08 billion and core earnings of $20 million to $30 million, way behind expectations of $49.3 million.

☆ All eyes on Lyft's new CEO as Wall Street awaits turnaround plan
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Lyft Inc's (LYFT.O) revenue growth is likely to lag bigger rival Uber Technologies Inc (UBER.N) for the sixth straight quarter, with Wall Street eagerly looking forward to a turnaround plan from its new CEO David Risher. Lyft is expected to share more details on its growth plan at the first-quarter earnings call on Thursday. Revenue growth at its delivery business is expected to come in at 21.3%, while ride-sharing revenue is set to jump nearly 62%. The company, which has promised profitability by 2023 end, is expected to report adjusted earnings before interest, taxes, depreciation, and amortization of about $676 million - the highest on record. Lyft, meanwhile, is expected to report an adjusted net loss of $29.1 million, compared with an adjusted profit of $24.6 million, a year earlier.

☆ Lyft to lay off more than 1,000 employees in cost-cut push
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

Risher, who took over earlier this month, had recently said the company will "significantly" cut jobs, without providing the number of jobs that would be affected. It will also take additional costs related to stock-based compensations, which it said cannot be estimated at the time. The money saved from job cuts will be used to support "service-level improvements" for riders and drivers, Lyft said, promising to offer more details in its first-quarter earnings call on May 4. This is the second round of job cuts by Lyft, which faces competition from bigger rival Uber Technologies Inc (UBER.N) in a slowing economy. It had laid off about 683 employees, or 13% of its then workforce, in November.

☆ The incredible, Earth-saving electric bike is having a moment
▼ + stars: | 2023-04-22 | by ( Tim Levin | ) www.businessinsider.com time to read: +10 min

And while electric cars get all the hype, a game-changing solution to getting around without warming the planet has flourished right under our noses. Electric cars are important, too, but they're expensive and far off for a lot of drivers, MacArthur said. The most popular electric vehicles in the US don't have a Tesla logoWhile electric cars get all the attention, e-bikes have for years been the best-selling electric vehicles in the US. Last year, Americans bought just over 800,000 electric cars, according to Kelley Blue Book, a record. Since e-bikes are much cheaper than electric cars, "you can get them into the hands of consumers faster," she said.

☆ Lyft to 'significantly' cut jobs in new CEO's first major move
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Lyft Inc (LYFT.O) 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%. Lyft could see costs slashed by half after the layoffs, the WSJ report said. The companies' last reported results showed that Uber's global presence and more diversified businesses were giving it an edge over U.S.-focused Lyft. Lyft's stock had fallen about 11% this year, compared with Uber's price gain of 27.5%, as of Thursday's close. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Lyft's new CEO begins tenure with layoffs, reportedly cutting 1,200 jobs
▼ + stars: | 2023-04-21 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Ride-sharing app Lyft will lay off a significant number of employees one week into new CEO David Risher's tenure, the company announced Friday. The company previously reduced its headcount in November, cutting 700 jobs, or about 13% of the workforce. Risher, a former Amazon executive, told employees in a town hall a few weeks ago that layoffs were imminent. Earlier this week, Meta implemented a previously announced round of cuts. The company is set to report earnings for the first quarter of 2023 on May 4.

☆ Lyft is reportedly slashing 1,200 jobs — at least 30% of its staff. It's struggling to keep up with Uber.
▼ + stars: | 2023-04-21 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Lyft plans to cut 1,200 jobs in an attempt to reduce costs, according to the Wall Street Journal. Lyft lost market share to ride-hailing rival Uber during the pandemic. Ride-hailing company Lyft is planning to cut 1,200 jobs, the Wall Street Journal reported Friday, citing people familiar with the company's plans. A spokesperson for Lyft told Insider that the company would not be able to confirm the number of affected employees until next week. Lyft had been struggling with discontented employees and investors ahead of Risher's appointment last month.

☆ Former Greylock VC Sarah Guo is betting her career on the AI boom with new fund Conviction. Here's why.
▼ + stars: | 2023-04-03 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +8 min

Ex-Greylock GP Sarah Guo surprised the tech world when she launched her AI fund Conviction last year. In addition to her fund, Guo has gained prominence in SF's AI scene through her podcast and events. Kovalsky knew of only one person who could be behind this — Sarah Guo, then a general partner at VC firm Greylock. Within the tech community, Guo has differentiated herself from other VCs through her honesty, business savvy, and grit, they added. Although Guo launched Conviction, a $100 million fund investing up to Series A, in late 2022, her interest in artificial intelligence has been long in the making.

☆ 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 needs to stabilize higher for the stock to succeed long term, says Needham's Bernie McTernan
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLyft needs to stabilize higher for the stock to succeed long term, says Needham's Bernie McTernanBernie McTernan, Needham analyst, joins 'Power Lunch' to discuss Lyft's co-founders stepping down, how the CEO change will impact Lyft, and more.

☆ 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.

☆ 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 says lower prices to hit profit, shares drop 30%
▼ + stars: | 2023-02-10 | by ( Nivedita Balu | ) www.reuters.com time to read: +3 min

President John Zimmer said in an interview with Reuters that the company planned "lower prices" and fewer hours of peak pricing, which he called "less prime time." Lyft had room to lower prices because the market was strong, he added. Uber shares were down 2.5%, a day after Uber reported a surprise fourth-quarter profit and forecast a current-quarter profit well above the average analyst estimate. Lyft forecast first-quarter revenue of about $975 million, below analyst estimates of $1.09 billion, according to Refinitiv data. Chief Financial Officer Elaine Paul blamed the forecast on seasonality and lower prices, including fewer Prime Time hours.

☆ Lyft's recovery stalls amid weak guidance and pricing wars
▼ + stars: | 2023-02-10 | 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's recovery stalls amid weak guidance and pricing warsCNBC's Deirdre Bosa joins CNBC's 'Squawk on the Street' to report on Lyft. The shares of the ride-hailing company plunged after issuing weak guidance in its earnings report on Thursday.

☆ Lyft stock is getting punished, down more than 30% after weak guidance
▼ + stars: | 2023-02-10 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

The Lyft logo is shown on the screen at the Nasdaq offices in Times Square on March 29, 2019 in New York. Shares of Lyft are set to drop 30% Friday, a day after the company reported guidance for its first quarter of 2023 that fell short of analyst expectations. Lyft posted a revenue beat of $1.18 billion for the fourth quarter of 2022, compared to the $1.16 billion analysts were expecting, according to Refinitiv. "Our positive thesis on Lyft had been based on post-pandemic recovery combined with an accelerated shift to profit through cost rationalization. However, rideshare is now approaching full recovery in the US, but Lyft is not," JPMorgan's Doug Anmuth said.

☆ Lyft posts worst trading day ever after grim earnings report shows the company falling behind Uber
▼ + stars: | 2023-02-10 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Lyft plunged 36% on Friday after the company posted a disappointing Q1 revenue forecast. The ride-hailing brand expects $975 million in revenue during the period, missing estimates of $1.09 billion. Elsewhere, Uber reported its strongest quarter ever with revenue up 49% year-over-year. The company said it expects to generate around $975 million in revenue during the first quarter of 2023, missing analyst estimates of $1.09 billion. Lyft exceeded Wall Street's expectations for fourth-quarter revenue at $1.18 billion, compared to estimates at $1.16 billion, according to Refinitiv.

☆ Lyft falls as forecast exacerbates worries of falling behind Uber
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Shares of Lyft (LYFT.O) fell more than 30% before the bell on Friday after forecasting first-quarter profit below estimates, amplifying worries that it was falling behind Uber (UBER.N) as the ride-hailing firms look to rebound from pandemic lows. Both the companies have been locked in a battle for market share coming off the pandemic, when they had to tackle challenges such as driver shortages and rising costs. Bigger rival Uber on Wednesday forecast first-quarter operating profit well above analysts' estimates. Analysts believe Uber, which has a market capitalization nearly 12 times that of Lyft, possesses a significant advantage given its scale. "These results reinforce our thesis that Lyft is at a structural competitive disadvantage versus Uber in terms of market share, driver supply and expenses," RBC Capital Markets analysts said on Friday.

☆ Lyft's weak revenue forecast knocks down shares
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Lyft Inc (LYFT.O) on Thursday forecast current-quarter revenue below Wall Street estimates, blaming the impact of extremely cold weather on some of its major markets and lower prices during peak hours, sending its shares tumbling 28%. Lyft forecast first-quarter revenue of about $975 million, which fell below analyst estimates of $1.09 billion, according to Refinitiv data. Lyft forecast first-quarter adjusted earnings before interest, taxes depreciation and amortization (EBITDA), a key measure of profitability that strips out some costs, of between $5 million and $15 million. For the fourth quarter, Lyft reported an adjusted EBITDA of $126.7 million, excluding the $375 million it had set aside for increasing insurance reserves. Active riders rose 8.7% to 20.36 million for the fourth quarter, Lyft said, above the FactSet estimate of 20.30 million.

☆ Lyft beats on top and bottom lines, guidance down
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLyft beats on top and bottom lines, guidance downCNBC's Deirdre Bosa joins 'Closing Bell: Overtime' to report on Lyft's earnings. Wedbush's Dan Ives reacts to the report.

☆ Lyft shares tank 20% after company issues weak guidance
▼ + stars: | 2023-02-09 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Lyft also expects to make an adjusted EBITDA between $5 million and $15 million in the first quarter. Lyft shares fell more than 20% during after-hours trading after issuing weak guidance in its earnings report on Thursday. The rideshare company recorded 20.3 million active riders in the third quarter, effectively flat from the third quarter but up 8.7% year over year. In the fourth quarter of 2019, for example, Lyft had 22.9 million active riders. The company reported a net loss of $588.1 million for the quarter, more than twice the loss it posted in the year-ago quarter.

☆ Lyft's earnings prove it's Uber's little brother, says Wedbush's Dan Ives
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLyft's earnings prove it's Uber's little brother, says Wedbush's Dan IvesDan Ives, Wedbush Securities, joins 'Closing Bell: Overtime' to discuss Lyft's earnings report and how the company compares to Uber.

☆ Options Action: Lyft earnings tomorrow
▼ + stars: | 2023-02-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Lyft earnings tomorrowKelly Intelligence's Kevin Kelly looks ahead to Lyft's earnings announcement tomorrow. With CNBC's Melissa Lee and the Fast Money traders, Karen Finerman, Steve Grasso, Guy Adami and Julie Biel.

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