Lyft CEO keeps it real on his stock price compared to Uber

Lyft (LYFT) CEO David Risher says his ride-hailing company is beyond the initial turnaround phase 

Risher, a board member at Lyft since 2021, moved quickly at the helm to slash costs via sweeping layoffs and a refocus on purely ride-hailing. 

Risher intends to focus on Lyft's tech stack to make it even easier for people to hail a ride, and at the best prices possible. 

The company's second quarter earnings released just a few weeks ago 

Risher's turnaround efforts appear to be sprouting in areas such as the number of drivers on the platform, trips, and profits. 

Gross bookings rose 17% from the prior year. Total revenue increased 41%. And the company notched net income of $5 million compared to a $114.3 million loss a year ago. 

Active riders hit an all-time high for Lyft at 23.7 million, up 10% year over year. 

The company guided to third quarter gross bookings growth of 13% to 15%. That's below the 15% compound annual growth rate Lyft shared at its investor day, which encompassed the 2024-2027 time period. 

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