Lyft’s car haulage company begins to force its way out of a deep hole



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Lyft continues to struggle for money as the number of COVID-19 cases rises in the United States. The ridesharing business has lost $ 495 million in the past three months, with adjusted net revenue down 48% year-over-year.

Its journey is significantly smaller than last year. This quarter, Lyft said it has 12.5 million active runners, up from 22.3 million in the third quarter of 2019, a decrease of 44%. It’s a deep hole, but Lyft is starting to find its way. The number of users of the company has grown steadily during the year: the number for this quarter is a 44% improvement over Q2.

Lyft generated nearly $ 500 million in revenue this quarter, up from $ 956 million in the third quarter of 2019. This was a steady 47% improvement from the second quarter of 2020, when Lyft only earned $ 339 million. Lyft’s losses were essentially flat this quarter compared to the third quarter of 2019: $ 495 million compared to $ 463.5 million.

Amidst all that red ink, there was a positive note for Lyft. The passage of Proposition 22 in California was a clear victory for the company, which, along with Uber and DoorDash, spent more than $ 200 million lobbying for its approval. The voting measure exempts Lyft from a state law requiring it to classify its drivers as employees.

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