Lyft's soft forecast fans worries of losing ground to Uber, shares tank

Quick Summary:

:Lyft's shares tanked 16 per cent on Wednesday after a soft forecast for the key summer quarter stirred worries that it may be losing ground to rival Uber.

Shares fell to an eight-month low of $9.20 in early trading, setting Lyft on track to lose over $700 million in stock market value.

On Wednesday, CEO David Risher announced Price Lock, a subscription-based feature that offers commuters on fixed routes a capped fare.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Billion Lyft Wednesday Uber Shares Quarter Market Forecast June Cent Million

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 18:01:18 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 415 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 21972610

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 60 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 2 hours ago

Coverage Areas: Singapore

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Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #27

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