Lyft’s fourth-quarter earnings beat analysts’ expectations.
Angela Lang/CNET
Lyft faced an uncertain fourth quarter in 2019 but still managed to beat analysts’ expectations for revenue. The ride-hailing company reported its highest quarterly revenue to date, coming in at more than $1 billion.
The company focused on slimming down during the quarter that ended in December, scaling back its bike and scooter initiatives and laying off employees. Lyft pulled its scooter operations in six cities across the US, saying ridership wasn’t what it expected and laid off about 20 people on that team.
On Tuesday, Lyft reported its revenue rose 52% to $1.02 billion in the fourth quarter, beating analysts’ expectations of $984 million….
Source CNET Tech
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