|Bid||32.56 x 900|
|Ask||32.72 x 800|
|Day's range||32.24 - 33.00|
|52-week range||14.56 - 68.33|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||05 Aug 2020 - 10 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||48.44|
As COVID-19 continues to transform our economic reality, two megatrends are converging to create a once in a lifetime investment opportunity
Ride-hailing giants Uber and Lyft are requiring drivers and passengers to wear masks while using their services, joining a growing list of transportation companies hoping to mitigate the spread of COVID-19 as some cities emerge from lockdown. All major U.S. airlines have already rolled out requirements for passengers and crew to wear face coverings in response to concerns over contagion, particularly in small or confined spaces that present higher risks of infection than well-ventilated or outdoor settings. “I can’t imagine the stir on the airplane if someone takes off their mask,” said Dennis Tajer, a 737 pilot and spokesman for the pilots’ union at American Airlines.
"The next time you open the app things are going to look a little different for both riders and drivers,” Uber CEO Dara Khosrowshahi said on Wednesday.
Repeated failure to comply with the requirement can lead to account deactivation for both riders and drivers, the executives said. Before starting their work each day, the app will require drivers to take a selfie with a mask, verify that they do not exhibit any coronavirus symptoms, confirm that they have sanitized their vehicles and agree to roll down windows during rides. Uber's Senior Director of Product Management Sachin Kansal said the company was also looking at adding selfie verifications for riders.
Lyft, Inc. (“Lyft”) (LYFT) today announced the pricing of $650 million aggregate principal amount of Convertible Senior Notes due 2025 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Lyft also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $97.5 million aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to settle on May 15, 2020, subject to customary closing conditions, and is expected to result in approximately $637.5 million in net proceeds to Lyft after deducting the initial purchasers’ discount and estimated offering expenses payable by Lyft (assuming no exercise of the initial purchasers’ option to purchase additional notes).
In this episode of MarketFoolery, Chris Hill chats with Motley Fool analyst Bill Barker about the latest earning releases. They first look at digital transactions and how they are growing as people move away from cash.
Lyft, Inc. (“Lyft”) (LYFT) today announced its intention to offer, subject to market conditions and other factors, $650 million aggregate principal amount of Convertible Senior Notes due 2025 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Lyft also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $97.5 million aggregate principal amount of the notes. The notes will be senior, unsecured obligations of Lyft, and interest will be payable semi-annually in arrears.
Hundreds of Uber and Lyft drivers are staging a caravan protest at Uber's San Francisco headquarters to demand Uber comply with gig worker protections law AB-5, pay into the state's unemployment insurance fund and drop the ballot initiative it proposed along with Lyft and DoorDash that aims to keep gig workers classified as independent contractors. "Uber, Lyft and other gig companies are continuing in the same path of abusing and completely taking advantage of workers while putting them at risk," rideshare driver and organizer with Gig Workers Rising Edan Alva told TechCrunch.
Lyft will require both passengers and drivers to wear masks and complete a health certification program, including confirming before each ride that they are not displaying symptoms associated with the novel coronavirus, the company said on Thursday. The move comes as ridesharing companies struggle to maintain revenues with millions of people worldwide under social distancing orders from public health authorities. Lyft has previously committed to distributing masks to its more than one million drivers, focusing on cities where masks are required by law, said Angie Westbrock, head of global operations, although she declined to say how many masks had been or would be distributed.
The numbers encouraged Uber investors ahead of the ridesharing giant's earnings report that came out after hours today. Lyft posted 23% revenue growth to $955.7 million, well ahead of analyst expectations at $897.9 million, and narrowed its adjusted EBITDA loss from $216 million in the quarter a year ago to $85 million, surpassing the company's own guidance, which was provided before the pandemic started.
Uber's first quarter reflects Corporate America's growing turmoil as the COVID-19 pandemic ricochets across the global economy.
Lyft today announced a new health initiative that will require drivers and riders to wear face masks or coverings during rides. Additionally, Lyft says it will provide cleaning supplies and masks for drivers. Riders and drivers must all confirm they will cover their faces and not ride or drive with Lyft if they have COVID-19 or any symptoms.
Lyft (NASDAQ: LYFT), the ride-hailing start-up that just laid off 17% of its workforce, is seeing demand for its core business begin to pick up again in April, albeit very slowly. In the first-quarter earnings results Lyft reported late Wednesday, revenue jumped 23% year over year. Lyft said that while rides were down 75% year over year in April, that figure appears to have hit a bottom in the second week of the month.
Shares of Lyft (NASDAQ: LYFT) were surging today after the ride-hailing company posted better-than-expected results in the first quarter, showing significant improvement on the bottom line, and as management reassured investors that the company should be able to manage through the pandemic. Despite a sharp decline in rides starting in mid-March, Lyft's revenue rose 23% to $955.7 million, easily beating estimates at $897.9 million. More impressive was Lyft's strong improvement further down the income statement as its adjusted EBITDA loss narrowed from $216 million to $85.2 million, which was better than the company's own guidance before the pandemic for a loss of $140 million to $145 million.
Shares of Lyft surged nearly 22%, while Uber's stock jumped about 9%. As parts of the U.S. economy start to re-open, demand for ride-hailing services is expected to get a boost, following weeks of upheaval in the core businesses of Lyft and Uber due to lockdowns caused by the COVID-19 outbreak. Americans are also expected to turn to ride-hailing as a significant source of income, which in turn will create a supply glut that will help companies such as Lyft and Uber to curb driver incentives and other costs.
As part of its expense management efforts, Uber had already implemented a hiring freeze in March as the coronavirus outbreak intensified and governments started to enforce stay-at-home orders and other lockdowns. Additionally, CEO Dara Khosrowshahi has also agreed to forgo the rest of his base salary for the year in order to further reduce costs, effective May 2. In an internal memo obtained by CNBC, Khosrowshahi said the need for customer support is "down substantially" due to trip volumes plummeting, while the hiring freeze meant that recruiters have no work.