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☆ Lyft President John Zimmer breaks down mixed Q3 earnings report
▼ + stars: | 2022-11-08 | 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 EmailLyft President John Zimmer breaks down mixed Q3 earnings reportLyft President John Zimmer joins CNBC's 'Squawk Box' to break down the ride-hailing company's mixed third-quarter earnings report.

☆ Lyft shares plunge after dull revenue forecast, slowing rider growth
▼ + stars: | 2022-11-07 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing firm Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue below Wall Street estimates as user growth on its platform slows, losing out to bigger rival Uber Technologies Inc and sending its shares down 13%. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion, according to Refinitiv IBES data. It forecast adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), a profitability metric keenly watched by investors, between $80 million and $100 million, compared with analysts' forecast of $84.5 million.

☆ Lyft shares plunge after revenue forecast disappoints
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing company Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue slightly below Wall Street estimates, hurt by competition from Uber Technologies Inc , sending its shares down 13% in extended trading. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. Lyft forecast current-quarter operating profit above Wall Street estimates, as it bets on demand for rideshare and cost cuts such as headcount reduction and closing office spaces. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion.

☆ 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.

☆ Lyft Plans to Lay Off About 700 Employees in Second Round of Job Cuts
▼ + stars: | 2022-11-03 | by ( Preetika Rana | Emily Glazer | ) www.wsj.com time to read: 1 min

Lyft Inc. said it is cutting 13% of staff, or nearly 700 jobs, the latest technology company to say it needed to reduce costs ahead of choppy economic conditions. Co-founders John Zimmer and Logan Green announced the cuts to staff Thursday. “There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” they wrote in the memo viewed by The Wall Street Journal.

☆ Lyft to Lay Off About 700 Employees in Second Round of Job Cuts
▼ + stars: | 2022-11-03 | by ( Preetika Rana | Emily Glazer | ) www.wsj.com time to read: 1 min

Lyft Inc. said it is cutting 13% of staff, or nearly 700 jobs, the latest technology company to say it needed to reduce costs ahead of choppy economic conditions. Confirming an earlier report by The Wall Street Journal, Lyft co-founders John Zimmer and Logan Green announced the cuts to staff Thursday. “There are several challenges playing out across the economy. We’re facing a probable recession sometime in the next year and ride-share insurance costs are going up,” they wrote in the memo viewed by the Journal.

Lyft said Thursday it's cutting 13% of its workforce, impacting all teams. Workers who had been there for more than four years will get an extra four weeks pay, they added. Support for departing team members We understand the real impact this decision has on departing team members. Lyft will offer support to departing team members: · 10 weeks of pay. Moving forward Our priority today is taking care of departing team members, who for many of us are also friends.

☆ 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.

☆ Jan. 6 Capitol riot probe obtained records showing multiple calls between Secret Service and Oath Keepers, NBC News reports
▼ + stars: | 2022-10-14 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Members of the Oath Keepers militia group among supporters of U.S. President Donald Trump, on the steps of the U.S. Capitol, in Washington, January 6, 2021. The Jan. 6 Capitol riot investigative committee has obtained records showing that a member of the Secret Service's protective intelligence division had multiple phone calls in 2020 with members of the Oath Keepers, a far-right militia group, NBC News reported Friday. The House select committee recently contacted the Secret Service asking for records of all contacts between the agency, which is responsible for protecting the president, and Oath Keepers, NBC reported. Rhodes and his co-defendants are accused of plotting to stop the lawful transfer of power from former President Donald Trump to President Joe Biden. The committee's request to the Secret Service was spurred by recent testimony at Rhodes' trial by the former leader of the North Carolina Oath Keepers, John Zimmerman.

The Oath Keeper, Terry Cummings, testified that there were "a lot of firearms cases" in the hotel room when he dropped off his weapon at the Comfort Inn in Arlington, Virginia, on Jan. 5, 2021. Oath Keepers founder Stewart Rhodes is on trial for seditious conspiracy alongside four other Oath Keeper associates: Kelly Meggs, Kenneth Harrelson, Jessica Watkins and Thomas Caldwell. Another Oath Keeper previously told the court that Rhodes tried unsuccessfully to reach Trump on the night of Jan. 6. He said he was aware of the strict gun laws in Washington, D.C., and saw no Oath Keepers carrying guns in the city on the day of the riot. Under cross examination, Cummings said multiple times that he never heard of any plans for the Oath Keepers to enter the Capitol.

☆ Lyft president still thinks driverless cars will dominate ride-share. He just won't say when
▼ + stars: | 2022-10-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — In 2016, Lyft co-founder John Zimmer predicted most of the company's rides would be self-driving within five years, a transformation that would largely eliminate the need for costly drivers. Today, the ride-hailing company is still nowhere near that milestone, and Zimmer, Lyft's president, isn't saying when he thinks it might come to pass. But he still believes self-driving vehicles remain a critical part of Lyft's future. Zimmer, acknowledging that he already got it wrong once, declined to speculate on when a majority of Lyft rides would be offered without a driver. "I'm extremely confident that autonomous vehicles will roll out on existing ride-share or transportation networks," he said.

☆ Lyft testing new pay algorithm to lure drivers
▼ + stars: | 2022-10-11 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - Ride-hailing firm Lyft Inc (LYFT.O) said on Tuesday it was testing an earnings algorithm that will allow drivers in 18 U.S. cities to see destination and pay details before accepting a request. Lyft drivers will have access to details such as drop-off locations, estimated distance and time, as well as fare details before accepting a ride. "We'll also design Upfront Pay over time to include bonuses and incentives," Lyft President John Zimmer said. Meanwhile, Uber's upfront pay system has drawn criticism from drivers. Looking to launch upfront pay "without limitations", Lyft said a survey of over 1,000 drivers showed more than 70% preferred the upfront pay model to the previous pay models.

☆ Stewart Rhodes claimed Secret Service contact months before Jan. 6 attack, former Oath Keeper testifies
▼ + stars: | 2022-10-07 | by ( Ryan J. Reilly | Daniel Barnes | Ryan J. Reilly Is A Justice Reporter For Nbc News. | ) www.nbcnews.com time to read: +5 min

Former Oath Keepers member John Zimmerman testified that Oath Keepers founder Stewart Rhodes told him he had a contact in the Secret Service and that he heard Rhodes talking with someone he believed to be a member of the Secret Service in September 2020, a bit over three months before the attack on Jan. 6, 2021. Rhodes got on the phone with the unknown person to ask about “parameters” the Oath Keepers could operate under during the rally, Zimmerman said. He said Oath Keepers attended the rally to escort attendees from the rally location to their vehicles. “From the questions Stewart — Mr. Rhodes — was asking, it sounded like it could’ve been” a Secret Service agent, Zimmerman said. Prosecutors have said Rhodes' references to the Insurrection Act in connection with Jan. 6 were nothing more than "cover" for the Oath Keepers plot.

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