Air travelers will walk to a Lyft pick-up area at Los Angeles International Airport (LAX) in Los Angeles, California, on August 20, 2020.
Mario Tama | Getty images
Lyft said Thursday that last week was the best, in terms of rider volume, since lockdowns began in March 2020. The company also posted positive year-over-year growth in daily ride volume on Wednesday for the first time in a year. 17th of March.
Shares of the company were up more than 1% the morning after the announcement.
Driving companies are starting to recover from their pandemic lows as Covid vaccines are rolled out and state restrictions lifted, making people more comfortable returning to work or traveling. As of Wednesday’s close, shares of Lyft and Uber are up more than 250% and 198% year over year respectively.
Lyft now expects to show positive weekly growth year-on-year and every subsequent week through the end of the year (barring a significant deterioration in coronavirus conditions).
As of next week, the company said it expects the number of journeys to grow by more than 100% year-over-year as it begins to “work off the significant impact of Covid-19 on our business a year ago.”
Lyft’s update comes about two weeks after it reported in an SEC filing that improving trends will allow it to cut losses in the current quarter by more than expected. The company said it expects to control the first quarter adjusted EBITDA loss to $ 135 million, from $ 145 million to $ 150 million previously forecast.
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