Analysts said any pickup in ride volumes at Lyft would not be enough to offset lower prices.
The two companies have been locked in a battle for market share coming off the pandemic lows, with latest earnings showing Uber’s global presence and more diversified business were giving it an edge over rideshare and U.S.-focused Lyft.
“Uber benefits from having a global rideshare model, and international markets have been quicker to bounce back than the United States,” said Nikhil Devnani, analyst at Bernstein.
“As the bigger platform Uber is able to offer more volume for drivers, not only within rideshare, but also now with (food and grocery) delivery.”
Lyft shares hit their worst day on record after closing 36.4% lower, with 13 analysts lowering their price targets on the stock. The sell-off erased over $2 billion in the company’s market value and nearly all of its share price gains this year.
Lyft on Thursday provided first-quarter profit…
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