Pressure Mounts for Lyft as Rideshare Rebound Stalls and California Shutdown Looms
Ridesharing is bouncing back slower than expected, and the delay is taking a toll on Lyft’s business and testing the patience of Wall Street. Lyft reported weak second quarter results with revenue tanking 61% y/y.
Ridesharing’s Rebound is Stuck in Traffic
Ridesharing’s rebound is taking longer than expected as activity in major cities remains stagnant due to persistent fears related to the pandemic and the reimplementation of strict social distancing requirements by certain states.