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Lyft continues its COVID recovery, but investors are far from impressed


American ride-hailing company Lyft reported Tuesday its first quarter financial performance, a report that showed continued improvement from the loss of business it experienced during the COVID-19 pandemic.
In Q1, the former startup unicorn generated revenues of $875.6 million, up some 44% from the year-ago period. Besting its guidance, the company’s CEO Logan Green said in a release that the company’s larger than anticipated revenue haul “was driven by increased demand and resilient driver levels.”
Investors had expected the company revenues of $846.0 million, per Yahoo Finance data. However, that wasn’t enough to lift Lyft’s shares, which fell by more than 12% in after-hours trading. The company’s sequentially declining rider figures and the specter of driver incentives soured investors on the company’s results. …

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