Lyft's Customer Wait Time Decreases As Drivers Gradually Resume Service: Reuters

Lyft Inc’s LYFT gradually increase in U.S. drivers has led to reduced customer waiting time and a modest decrease in surcharge pricing, Reuters reported.
The platform’s active drivers rose 10% since May beginning. The company activated thousands of new drivers in the past two weeks.
Passenger wait times across the U.S. reduced 15% on average compared with one month ago. In some major markets, including Austin, Texas, Miami, and Philadelphia, wait times reduced by 25% to 30% and as much as 35% in Las Vegas.
Lyft promised to be profitable on an adjusted basis by the end of the Q3 in September.
Lyft and Uber Technologies Inc UBER struggled to bring back drivers following a sudden revival in rider demand following the vaccination.
Uber and Lyft continue to entice drivers with additional incentives and temporary higher-earning promises.
The shortage of drivers led to a sharp increase in prices and long wait times in many U.S. cities leading to angry riders venting out their frustration online.
Lyft’s surcharge fares during peak demand had declined 15% during the last week of May compared to the previous week of March.
Price action: LYFT shares traded lower by 1.70% at $56.83 on the last check Wednesday.

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