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Lyft Focuses on Profitability as Cash-Burning Companies Lose Luster
Lyft is turning their focus to profitability rather than growth. The company claims that operating profitability is within its sights for 2021. This change may be a reaction to growing skepticism of companies like Uber, Lyft and WeWork after previously high valuations by private investors.
"Lyft reported a 63 percent jump in revenue to $955.6 million for the third quarter from a year earlier, while its net loss nearly doubled to $463.5 million."
"Lyft faces other challenges, including legislation in California that effectively requires it to treat drivers as employees rather than independent contractors. The reclassification would be expensive for Lyft, which currently does not need to offer full-time benefits to its drivers."
Lyft's net loss "was driven by stock-based compensation costs and payroll tax expenses, the company said. Excluding those, Lyft’s operating loss was $121.6 million for the quarter, which was not as steep as Wall Street estimates."
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