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Investors dump Lyft on signs Uber is snatching market share
Lyft Inc shares sank 20 per cent on Tuesday on signs that competition from bigger rival Uber was stalling user growth and eating into the market share of the ride-hailing firm. Active riders on Lyft's platform grew just 7.2 per cent to 20.3 million in the July-September period, the slowest pace this year and a million below market expectations. "We believe Uber has done a much better job at rebuilding driver supply, likely leaving Lyft with a structurally smaller share of the market than it had pre-pandemic," Atlantic Equities analyst James Cordwell said. Lyft's stock was at $11.51 in premarket trading. It has also laid off employees to lower expenses. Still, some analysts say they would rather own Uber given its scale, business model and global presence. Source: CNA #Lyft
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