Lyft Predicts Positive Weekly Business Growth Following Vaccine Rollout: Reuters

Ride-hailing company Lyft Inc LYFT expects positive weekly growth in its ride-share segment beginning this week through 2021 end triggered by the COVID-19 vaccine launch, Reuters reports.

• The company noted the highest volume in its app-based ride last week since March previous year leading to the favorable forecast. Lyft expects volumes to more than double compared to 2020.
• Scaling up of the vaccine distribution is expected to reinstate pre-pandemic normality to the ride-hailing sector devastated by the pandemic.
• Lyft expected an adjusted profit by the third quarter of this year despite the pandemic, following incremental cost cuts and an anticipated rebound in ride-hailing demand beginning in the second quarter of 2021.
• Price action: LYFT shares traded higher by 2.32% at $67.46 on the last check Thursday.