Lyft Jumps Despite Continued Customer Plunge As Revenue Per Rider Jumps

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Since Lyft does not have a delivery business unlike Uber, the company struck delivery partnerships with Grubhub for food and Blue Cross Blue Shield for pharmaceuticals but has been unable to keep pace with Uber which shifted its own business toward delivery. In December, Lyft lowered its outlook.

Finally, looking at the balance sheet, Lyft ended the year with more current assets than analysts expected, reporting $2.6 billion, including cash, short-term investments, and prepaid expenses.

In response to the earnings, investors were happy to overlook the ridership miss and instead focused on the jump in revenue per user and the promise of profitability, sending the stock nearly 10% higher after hours.

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