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politics 1 hour ago The supply position is something we re still working on. It s definitely getting better but we re not happy with the ETAs and price levels we see and that is something we re going to invest to improve on, he added.
With Americans getting vaccinated and governments easing pandemic restrictions, people are ready to travel and leave their homes again, turning to rideshare companies. However, Uber and Lyft are still dealing with a slow return of drivers. If the companies can t bring in enough drivers to meet demand, they could face annoyed customers who are having to shell out more cash and wait longer.
Akanksha RanaTina Bellon
4 minute read
The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson
Lyft Inc (LYFT.O) on Tuesday surprised Wall Street with significantly lower losses than expected and said it would deliver dependable profit on an adjusted basis beginning in the third quarter thanks to cost cuts that allow the company to earn more per ride.
The results come as Lyft emerges from more than a year of pandemic-related restrictions during which ridership and revenue plummeted. The company said it expected a strong rebound in U.S. travel in the third quarter, when many homebound Americans who hunger for travel are likely to be fully vaccinated against COVID-19.
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