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(Wednesday Market Open) If you wanted more evidence of reopening progress, Lyft’s (LYFT) earnings arguably provided it yesterday.
The ride-sharing company saw shares post big pre-market gains after reporting a narrower than expected loss, above consensus revenue and solid guidance for the rest of the year. Now Uber (UBER), which reports this afternoon, has a tough act to follow. Shares of LYFT spiked more than 5% in pre-market trading.
“More people started moving again” in Q1, LYFT’s chief financial officer said, which is the kind of thing you want to hear if you’re excited about getting back to normal. Average daily ride volume grew each month, Lyft said, with the steepest recovery in March. And for people who miss traveling by plane, the good news is that LYFT’s average daily airport rides were up more than 65% in April relative to January.
What’s more impressive is that all this happened even when most people weren’t back at work yet. More companies are starting to talk about getting employees back to the office, so that could give ride-sharing companies an opportunity to do even better.
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