LYFT Inc (NASDAQ: LYFT) has managed to beat its Q3 estimates, earning a revenue of $864.4 million which is a 73% year-over-year increase. The performance is also $3.65 million more than analysts predicted. Moreover, Lyft has a net loss of $71.5 million which is a decrease from $252 million in the last quarter.
Analysts predict that this could accelerate profitability for Lyft while signaling a fast recovery. Lyft currently has a market capitalization of $10 billion.
Dan Ives, an analyst, has also likened the fight between Uber and Lyft for drivers to the popular T. V series, Game of Thrones, after reports that more people are using the ride-sharing services despite limited drivers.
Lyft points out that it was the first to pledge on electric cars
Recently, Hertz Global Holdings Inc (NASDAQ: HTZ) announced that Uber Technologies Inc (NASDAQ: UBER) would be renting 50,000 of the 100,000 electric cars it will buy from Tesla Inc (NASDAQ: TSLA) to them. The news of this arrangement has gained a lot of positive press for Uber. In addition, it has increased gains for Tesla and Hertz.
However, John Zimmer, the co-founder of Lyft, has pointed out that his company was the first to pledge to have a fleet made exclusively of electric cars. The company plans to achieve this by 2035.
Lyft driver recounts the story of her kidnap
Despite the good news from Lyft, Brandy Littrell’s story is still fresh on everyone’s mind. Littrell, who had worked for Lyft and Uber for five years, was kidnapped while driving for Lyft. She picked up a teenager in Jackson, Mississippi, who claimed to work at McDonald’s.
Littrell says she did not notice anything unusual until Dontarius Magee, the 17-year-old, pulled a gun and ordered her into the back seat. The driver complied as Magee took her credit card and phone. He then entered the driver’s seat and took her to a wooded area. Once they were there, Magee ordered her to get on her knees and shot her 6-7 times. He left her wounded.
Littrell says she managed to get to a house close by where a resident called 911. Magee was arrested on the same day and confessed to the charges. Lyft has permanently banned him and offered to cooperate fully with the police.