- Uber Technologies, Inc (NYSE:UBER) shares are trading lower today in sympathy with Lyft, Inc (NASDAQ:LYFT), which will release its first-quarter results on Thursday after market close.
- Lyft sees first-quarter revenue of approximately $975 million versus estimates of $1.09 billion. Analysts expect a Q1 revenue of $981.4 million and an EPS loss of $(0.06).
- Also Read: Uber Exits Russia, Yandex Procures Uber’s Remaining Stake In JV For Hefty Sum
- Lyft struggled to gain market share versus Uber, which acquired market share and drivers during the pandemic.
- Lyft also chose not to diversify beyond transportation and geography, unlike Uber.
- Lyft was slower to roll out bonuses and new features to entice drivers during a yearslong labor shortage on pandemic recovery.
- Price Actions: UBER shares traded lower by 1.48% at $37.29 on the last check Thursday. LYFT shares traded lower by 3.77% at $10.48.
- Photo by Gerd Altmann from Pixabay
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U.S. stocks traded mostly lower midway through trading, with the Nasdaq Composite dropping around 100 points on Friday.
The Dow traded up 0.03% to 33,708.20 while the NASDAQ fell 0.79% to 11,762.38. The S&P 500 also fell, dropping, 0.51% to 4,069.49.
