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Lyft has unveiled plans for their food delivery service

As the ride-hailing companies still struggling during this pandemic period, the San Francisco-based company LYFT (NASDAQ: LYFT) announced it will soon be entering the food-delivery business. The $LYFT stock surged more than 6% on Tuesday after the news.

Lyft has unveiled plans for their food delivery service

As the ride-hailing companies still struggling during this pandemic period, the San Francisco-based company LYFT (NASDAQ: LYFT) announced it will soon be entering the food-delivery business. The $LYFT stock surged more than 6% on Tuesday after the news.

Lyft’s president John Zimmer said the company plans to offer a new format delivery service for restaurants without launching a full-fledged consumer-facing platform for food delivery.

“This delivery model plays to our strengths, including making full use of our existing technology, it is very early days, but we look forward to updating you on our progress as we continue exploring this path.” Lyft’s president John Zimmer said.

On the other hand, the ride-hailing giant posted a loss of $459.5 million in its third-quarter on Tuesday while revenue came better-than-expected. The company reported US$499.7 million in sales for the quarter and slightly beat the Wall Street estimates but still 48 per cent lower than the same period in 2019. The company said the active riders had risen to 12.5 million from 8.7 million in the previous quarter but dipped 44% from the year before.

  • Earnings per share: -$1.46 vs. -$0.91 expected

  • Revenue: $499.7 million vs. $486.4 billion expected

“We believe the vaccine will accelerate our recovery, as the economy recovers and people get out again, it directly correlates” to Lyft’s performance,” Zimmer said.

 

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