The company’s bet on a slimmer, more-focused business echos tech’s trend of doing more with less
Alex Wilhelm
Anna Heim
8 hours
Shares of Lyft are off sharply this morning, falling nearly 20% in early trading. The company’s equity is selling off in the wake of the U.S. ride-hailing giant’s first quarter results and its comments regarding the current quarter, and how its new strategic posture will affect its growth and economics in the coming quarters.
The Exchange explores startups, markets and money.
Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.
In the wake of Lyft’s decision to remove its founders from day-to-day control, dramatically cut staffing, and bring in an external CEO, the company is now a leaner organization under new management. However, while Lyft saw its valuation slashed after it reported its results and updated strategic posture, shares of Uber have risen sharply in the wake of its own earnings update.
You could argue that Lyft waited too long to shake up its operations, given the tough comparison to Uber after both company’s Q1 earnings reports. But Lyft is taking a new t …