The Information | May 4, 2021, 9 p.m.
Greetings!There’s a saying, most recently popularized by former Obama adviser and Chicago mayor Rahm Emanuel, that one should “never let a good crisis go to waste.” It seems that the executives at Lyft, at least, took that advice to heart when it came to the pandemic. Brutal cost-cutting forced by last spring’s lockdowns has put the company much closer to profitability. That’s an achievement in an industry that long faced a question of whether it could ever turn a profit while continuing to grow.Despite reporting revenue 36% lower than the year-earlier quarter, Lyft’s operating loss was nearly the same, thanks to big reductions in expenses such as marketing. The company’s cash burn, more importantly, shrank 63%. Lyft executives said they expect to turn a profit, before corporate expenses, by the third quarter.Read Full Article
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