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Tag: Lyft Inc

  • Lyft to chop 1,072 workers, or 26% of its staff

    Ramin Talaie | Corbis Information | Getty Photographs

    Trip-hailing app Lyft will lay off 1,072 workers, kind of 26% of its company staff, and may not rent for an extra 250 positions, the corporate mentioned in an SEC submitting Thursday.

    The scoop comes per week after a memo from new Lyft CEO David Risher showed that the corporate would trim its head depend.

    Lyft stocks have been in large part flat at the information. The corporate has round 4,000 workers and had already applied a 13% head depend aid in November 2022.

    Risher’s tenure as CEO began previous in April. He has emphasised a wish to streamline operations and get again to “higher assembly the desires of riders and drivers” in worker communications and public messaging.

    Lyft co-founders Logan Inexperienced and John Zimmer stay at the corporate’s board, having led the corporate via its 2019 public providing and next growth.

    The corporate’s inventory hasn’t ever risen above its debut worth and stays down round 8% 12 months so far.

    A focal point on potency has been a well-known chorus from tech executives. The wider financial slowdown has hit tech firms specifically arduous: Greater than 184,000 tech workers have misplaced their jobs in 2023 by myself, consistent with knowledge from Layoffs.fyi.

    Lyft didn’t instantly reply to a request for remark.

  • Cruise robotaxis now run all day in San Francisco, with public get right of entry to after 10 p.m.

    A Cruise automobile in San Francisco, California, on Wednesday Feb. 2, 2022.

    David Paul Morris | Bloomberg | Getty Photographs

    Kyle Vogt, CEO and founding father of GM-owned self sustaining automobile corporate Cruise, introduced Tuesday that the corporate’s robotaxis are actually operating across the clock in San Francisco.

    The corporate’s paid, driverless carrier is a step against broader industrial deployment of a long-promised self sustaining choice to ride-hailing products and services like Uber or Lyft within the U.S.

    The Cruise carrier is open to paying contributors of the general public from 10 p.m. to five:30am within the Northwest a part of San Francisco, Cruise showed.

    People who find themselves eligible to trip within the Cruise robotaxis all over the day, and in different portions of the town, aren’t charged a charge. They come with what Cruise calls a “energy consumer” cohort of riders, and “Cruisers” who’re workers of the corporate.

    Throughout San Francisco, Phoenix and Austin, the place Cruise is recently working or trying out its automobiles, there are round 240 driverless vehicles that run similtaneously at evening, with a majority in San Francisco.

    The corporate didn’t expose what number of robotaxis are in use in a normal day or evening in San Francisco.  

    Vogt mentioned, in his announcement, “Running robotaxis in SF has turn into a litmus check for industry viability. If it could possibly paintings right here, there may be no doubt it could possibly paintings with regards to all over the place.” He additionally teased Cruise robotaxi carrier poised to open up in different towns, and famous that the generation within the present Cruise electrical, driverless automobiles can also be used within the corporate’s greater go back and forth, the Cruise Foundation.

    “There are nonetheless many demanding situations forward for Cruise however this can be a milestone price celebrating,” Vogt wrote in a press release posted to LinkedIn and Twitter.

    Cruise is certainly one of a handful of businesses approved to commercially function their self sustaining automobiles on San Francisco town streets with out a human protection driving force on board who can take over the riding activity if there’s a technical glitch or different want. Alphabet-owned Waymo and startup Nuro also are a part of that cohort.

    Different firms are approved to behavior self sustaining automobile trying out in California with out a human driving force within the automobile, together with Amazon-owned Zoox and Chinese language startup WeRide, in step with the DMV web site. 

    Like different robotaxi builders, Cruise’s self sustaining automobiles have infrequently distressed San Francisco protection advocates, drivers and pedestrians after they have got stalled in visitors or blocked streets. In a single incident this spring, Cruise automobiles blocked a side road with fallen timber and become tangled in energy traces attached to the town’s MUNI transportation. No accidents or belongings injury happened because of this, and Cruise despatched groups to take away the automobiles.

  • Lyft’s new CEO starts tenure with layoffs, reportedly reducing 1,200 jobs

    A traveler arriving at Los Angeles World Airport appears to be like for flooring transportation throughout a statewide day of motion to call for that ride-hailing firms Uber and Lyft observe California legislation and grant drivers “fundamental worker rights” in Los Angeles, California, U.S., August 20, 2020.

    Mike Blake | Reuters

    Journey-sharing app Lyft will lay off an important selection of staff one week into new CEO David Risher’s tenure, the corporate introduced Friday.

    A spokesperson for Lyft declined to remark at the explicit selection of cuts, however the Wall Boulevard Magazine reported that the corporate would lay off no less than 1,200 employees, or round 30% of its 4,000-person personnel.

    “I am confirming that we can considerably scale back the scale of the workforce as a part of a restructuring to concentrate on higher assembly the wishes of riders and drivers,” Risher instructed Lyft staff in an e mail that was once revealed on Lyft’s weblog. Risher’s appointment was once introduced in March and went into impact April 17.

    Lyft inventory was once unchanged at the information. The corporate in the past lowered its headcount in November, reducing 700 jobs, or about 13% of the personnel.

    “We wish to be a sooner, flatter corporate the place everyone seems to be nearer to our riders and drivers so we will ship in this objective,” Risher wrote on Friday.

    Risher, a former Amazon government, instructed staff in a the city corridor a couple of weeks in the past that layoffs had been approaching.

    Lyft has struggled since its IPO in 2019 as its number one competitor Uber has remained forward on the subject of marketplace percentage and marketplace capitalization. Lyft debuted at $72 and now trades beneath $10. 

    “David has made transparent to the corporate that his focal point is on developing a really perfect and inexpensive enjoy for riders and making improvements to drivers’ profits,” a Lyft spokesperson instructed CNBC. “This can be a arduous resolution and one we are not making evenly.”

    Tech layoffs started in earnest overdue 2022, and feature persevered into the brand new yr. Previous this week, Meta carried out a in the past introduced spherical of cuts. Amazon, Google, Microsoft and lots of different tech firms have jointly laid off over 172,000 staff in 2023, consistent with layoff tracker Layoffs.fyi.

    Lyft stated the restructuring would not affect in the past issued steerage. The corporate is ready to record profits for the primary quarter of 2023 on Would possibly 4.

    WATCH: Lyft company shake-up

  • Shares making the largest strikes earlier than the bell: Alibaba, Lyft, Walgreens and extra

    Chinese language generation shares equivalent to Alibaba and Tencent were hammered in 2022 as regulatory drive and a slowing Chinese language financial system weighed on enlargement. However traders are beginning to really feel relatively extra constructive towards Chinese language tech giants in 2023.

    Jakub Porzycki | Nurphoto | Getty Photographs

    Take a look at the firms making headlines in premarket buying and selling.

    Alibaba — Stocks jumped 9.8% after the e-commerce massive stated it could cut up its corporate into six separate industry teams. Every can have the possible to boost outdoor investment and cross public.

    Lyft — The ride-sharing corporate added 5% after pronouncing its co-founders, CEO Logan Inexperienced and President John Zimmer, will quickly step down from their daily roles. Former Amazon govt David Risher will take the helm April 17.

    First Republic Financial institution — The intently adopted regional financial institution received 3.6%. That follows an 11.8% rally in Monday’s consultation as traders purchased again into the inventory after promoting off remaining week. Buyers had been considering whether or not a $30 billion rescue plan from a bunch of banks can be sufficient to shore up its liquidity.

    Walgreens Boots Alliance — The drugstore inventory complicated 1.7% after the corporate posted better-than-expected fiscal second-quarter effects. Adjusted profits consistent with percentage got here in at $1.16, above the $1.10 expected through analysts, consistent with Refinitiv. In the meantime, the corporate reported earnings at $34.86 billion, beating the $33.53 billion anticipated through Wall Boulevard.

    PVH — Stocks of the attire corporate jumped greater than 12% following a better-than-expected fourth-quarter file. PVH generated $2.38 in adjusted profits consistent with percentage on $2.49 billion of earnings. Analysts surveyed through Refinitiv had been anticipating $1.67 in profits consistent with percentage on $2.37 billion of earnings. Earnings from the Tommy Hilfiger and Calvin Klein manufacturers grew through 3% each and every, and PVH’s earnings steering additionally crowned expectancies.

    PagSeguro — Stocks received 5% after Citi upgraded the Brazilian cost inventory to shop for at the again of fourth-quarter profits. Whilst the company stated the profits file used to be in large part unsurprising and the corporate used to be nonetheless in “tough waters,” stocks had been extra horny following a bout of underperformance.

    Ciena — The generation corporate added 3.1% following an improve to sturdy purchase from outperform through Raymond James, which cited Ciena’s access within the edge router marketplace as a catalyst.

    Occidental Petroleum — The power inventory jumped 1.9% in premarket after a regulatory submitting confirmed Warren Buffett’s Berkshire Hathaway bought an extra 3.7 million stocks for $216 million on Monday and remaining Thursday. The transfer boosted the conglomerate’s stake within the oil massive to 23.5%.

    Paramount — Stocks of the legacy media massive complicated 5% on Tuesday morning on a ranking improve from Financial institution of The usa from impartial to shop for. The company highlighted the corporate’s sturdy lineup of property that might assist Paramount worth itself at a top class when compared with the marketplace within the tournament the industry is ever market it.

    Fox — Stocks slipped greater than 1% after Financial institution of The usa downgraded the media corporate to impartial from purchase, pronouncing there have been no near-term catalysts to pressure the inventory value up.

    Array Applied sciences — The renewable power inventory added 3.6% following an improve to shop for from dangle through Truist. Whilst the company stated the corporate must see some weak spot within the first quarter, it’s going to be helped through home and world tailwinds later within the yr.

    — CNBC’s Arjun Kharpal, Jesse Pound, Michelle Fox, Brian Evans and Yun Li contributed reporting.

    Correction: Raymond James upgraded Ciena stocks. A prior model misstated the company’s title.

  • Lyft CEO and president to step down, former Amazon exec David Risher named as substitute

    Lyft’s cofounders, CEO Logan Inexperienced and president John Zimmer, will quickly step again from their daily roles, the corporate introduced on Monday.

    David Risher, a former retail government at Amazon, will likely be CEO of the ridesharing corporate starting April 17, when Inexperienced will step apart to function chair of the board. Zimmer will transition out of his function on June 30 to function vice chair of the Lyft board. Lyft’s present chairman Sean Aggarwal will step down from his put up however will stay at the board, the corporate stated

    Lyft stocks rose round 5% after hours at the information.

    Inexperienced and Zimmer based Lyft in 2012 and took the corporate public in 2019. Lyft stocks have fallen greater than 70% within the closing 12 months.

    “I’m venerated to step into the CEO function at such a very powerful second within the corporate’s historical past, and am ready to take this trade to new ranges of luck,” Risher stated in a observation.

    Confetti falls as Lyft CEO Logan Inexperienced (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the corporate’s preliminary public providing (IPO) on March 29, 2019 in Los Angeles, California. The experience hailing app corporate’s stocks had been to begin with priced at $72.

    Mario Tama / Getty Pictures

    Risher joined Amazon in 1997 as its first vp of product and retailer building. He was once a most sensible lieutenant of Amazon founder and government chairman Jeff Bezos, and went directly to function senior vp of promoting and vending sooner than exiting the corporate in 2002. Risher has been on Lyft’s board since 2021.

    — CNBC’s Annie Palmer, Laura Batchelor and Deirdre Bosa contributed to this record.

  • Uber and Lyft stocks upward push after California courtroom victory allows them to classify drivers as contractors

    App-based gig employee Jesus Barra stands on his automobile all the way through an indication out of doors Los Angeles Town Corridor to induce citizens to vote no on Proposition 22, a November poll measure that might classify app-based drivers as impartial contractors and no longer workers or brokers, in Los Angeles, California, U.S., October 8, 2020.

    Mike Blake | Reuters

    Experience-sharing apps, together with Uber and Lyft, can proceed to regard their drivers as impartial contractors, a California appeals courtroom dominated on Monday, overturning a lower-court choice that barred them from doing so.

    In Nov. 2020, California citizens licensed Proposition 22, which allowed ride-sharing and supply app makers to categorise their drivers as impartial contractors. A California pass judgement on dominated the proposition unconstitutional in 2021, arguing that it infringed the legislature’s energy to set requirements on the place of work. The state and a bunch representing the firms and different events appealed that call, and Monday’s ruling got here down of their choose.

    Stocks of ridesharing and supply firms rose at the information, with Uber, Lyft, and Doordash notching positive aspects of greater than 4% after hours.

    Prop. 22 created a suite of standards which decided whether or not ride-share drivers had been workers or impartial contractors> In apply, it exempted Uber and an identical firms from following sure minimal salary, time beyond regulation, or employees reimbursement rules for loads of hundreds of Californian rideshare drivers. As a substitute, the poll measure required firms to supply reimbursement and healthcare “subsidies” in keeping with “engaged” riding time, in addition to different advantages, together with protection coaching and “sexual harassment coaching.”

    It was once the most costly poll factor in California’s historical past, with ride-share firms contributing over $181 million to the “Sure” marketing campaign. Corporations reportedly moved aggressively to advised their drivers to give a boost to the initiative, which handed with 58.6% of votes in give a boost to.

    A bunch of ride-share drivers sought to strike down Proposition 22, and gained a decrease courtroom choice. However in a 63-page opinion issued Monday, California justices from the first District Courtroom of Attraction disagreed with that courtroom, and upheld the proposition.

    “Proposition 22 does no longer intervene at the Legislature’s employees’ reimbursement authority or violate the single-subject rule,” the opinion learn.

    “These days’s ruling is a victory for app-based employees and the tens of millions of Californians who voted for Prop 22. Around the state, drivers and couriers have stated they’re pleased with Prop 22, which presents them new advantages whilst maintaining the original flexibility of app-based paintings,” Uber leader felony officer Tony West stated in a observation.

  • Shares making the most important strikes noon: Lyft, Spotify, Expedia, Yelp and extra

    Ramin Talaie | Corbis Information | Getty Photographs

    Take a look at the firms making headlines in noon buying and selling.

    Lyft — The ridesharing inventory cratered 36.4% after issuing disappointing steerage for its first quarter. Lyft additionally were given hit by way of a slew of downgrades from analysts who stated Uber would possibly glance higher situated to capitalize at the broader restoration in ridesharing. Uber stocks had been additionally down 4.4%.

    Spotify — Stocks of the song streamer jumped 3.6% after information that ValueAct has taken a stake within the corporate. Spotify not too long ago reported fourth-quarter effects that confirmed sturdy person enlargement.

    Expedia — The commute corporate’s inventory toppled 8.6% after falling in need of analysts’ earnings and profits expectancies for the new quarter. Expedia posted adjusted profits of $1.26 a proportion on revenues of $2.62 billion. Analysts referred to as for profits of $1.67 in line with proportion on $2.70 billion in earnings, in keeping with Refinitiv.

    Yelp — Yelp’s inventory jumped 3.2% after fourth-quarter earnings beat analysts expectancies, in keeping with Refinitiv. The corporate posted profits that had been in keeping with estimates.

    Verify — The purchase now, pay later inventory shed 5.8% following a downgrade to equivalent weight from an obese ranking by way of Morgan Stanley. The Wall Boulevard company stated that Verify’s choices seem too targeted.

    PayPal — PayPal stocks traded 3% upper after CEO Dan Schulman introduced plans to retire from the web bills corporate by way of the top of the yr.

    VF Corp — Stocks rose 0.9% after Stifel upgraded the attire maker to a purchase from a hang. Stifel stated the corporate, which is the mum or dad of manufacturers together with Trucks and The North Face, was once at a lovely inventory value following a selloff at the again of a dividend lower.

    FREYR Battery — Stocks of the battery producer climbed 1.5% after Financial institution of The usa initiated protection of the inventory with a purchase ranking. Financial institution of The usa stated the startup’s battery mobile design and skill to lift capital made it a powerful candidate to develop into a bigger corporate.

    Cloudflare — The cybersecurity inventory added slightly under 3.3%. Past due Thursday, Cloudflare posted beats at the peak and backside traces for the fourth quarter. The corporate earned an adjusted 6 cents in line with proportion on $275 million in earnings. Analysts surveyed by way of Refinitiv had been anticipating 5 cents in line with proportion and $274 million of earnings. Cloudflare’s full-year earnings steerage additionally crowned estimates.

    Deutsche Financial institution — Stocks fell 3% after Financial institution of The usa downgraded Deutsche Financial institution to underperform from impartial, announcing the Ecu financial institution is “suffering to reinforce profitability.”

    Newell Manufacturers  — Stocks of the shopper items had been remaining up 1.2%. Newell supplied first-quarter and full-year EPS and earnings steerage that neglected analysts’ estimates, in keeping with StreetAccount. CEO Ravi Saligram additionally introduced his retirement, efficient Might 16.

    Motorola Answers — Stocks rose 5.6% after Motorola Answers beat analysts’ expectancies on each the highest and backside traces for the new quarter, in keeping with FactSet.

    Doximity — Doximity stocks shed just about 13% on lighter-than-expected steerage for the present quarter and whole yr. The decline in stocks got here in spite of a top-and-bottom line beat on analysts’ expectancies, in keeping with FactSet.

    Topgolf Callaway Manufacturers — The golfing corporate’s inventory fell 2.6% after the corporate posted a per-share lack of 27 cents, apart from pieces. Adjusted profits earlier than pastime, taxes, depreciation and amortization for the fourth quarter got here in underneath analysts’ expectancies, in keeping with FactSet.

    — CNBC’s Jesse Pound, Alex Harring, Michelle Fox, Sarah Min and Yun Li contributed reporting

  • Lyft inventory is getting punished, down greater than 30% after susceptible steerage

    The Lyft brand is proven at the display screen on the Nasdaq workplaces in Occasions Sq. on March 29, 2019 in New York.

    Don Emmert | AFP | Getty Photographs

    Stocks of Lyft are set to drop 30% Friday, an afternoon after the corporate reported steerage for its first quarter of 2023 that fell wanting analyst expectancies.

    The corporate expects to make about $975 million in income in Q1, whilst analysts were expecting $1.09 billion, in line with StreetAccount.

    Lyft’s CFO pointed to “seasonality and decrease costs” to provide an explanation for the steerage.

    Lyft posted a income beat of $1.18 billion for the fourth quarter of 2022, in comparison to the $1.16 billion analysts had been anticipating, in line with Refinitiv. It additionally reported an adjusted loss according to proportion of 74 cents.

    Wall Boulevard spotted the distinction between Lyft’s document and Uber’s income.

    “Our sure thesis on Lyft were in response to post-pandemic restoration blended with an speeded up shift to learn via value explanation. On the other hand, rideshare is now drawing near complete restoration in the USA, however Lyft isn’t,” JPMorgan’s Doug Anmuth stated. It was once hit with a number of downgrades from JPMorgan, KeyBanc, Loop Capital, Truist,

    Rival Uber, against this, posted its most powerful quarter ever in its income document previous within the week, sending its refill.

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  • Shares making the largest premarket strikes: Lyft, Expedia, Yelp and extra

    The Lyft Motive force Hub is noticed in Los Angeles, California.

    Lucy Nicholson | Reuters

    Take a look at the firms making the largest strikes in premarket buying and selling:

    Lyft — The ride-sharing corporate cratered 31.5% after issuing vulnerable steerage in its fiscal first-quarter income record. Lyft mentioned it anticipates about $975 million in income, not up to the $1.09 billion analysts anticipated, in line with StreetAccount. A number of analysts therefore downgraded the inventory.

    Expedia — The trip corporate’s stocks fell 2.4% after a disappointing quarterly income record. The corporate reported adjusted income according to percentage of $1.26 on income of $2.62 billion. Analysts had estimated income of $1.67 according to percentage on income of $2.70 billion, in line with Refinitiv.

    Yelp — The shopper evaluate platform won greater than 5% within the premarket after it posted fourth-quarter income of $309 million, topping analysts’ expectancies of $307 million. Income according to percentage have been in step with estimates.

    Cloudflare — The cloud carrier supplier posted quarterly income that beat expectancies after the bell Thursday. Cloudflare was once up just about 8% within the premarket.

    Freyr Battery — Stocks of the battery production corporate rose 4% after Financial institution of The usa initiated protection of the inventory with a purchase score. The Wall Boulevard company mentioned Freyr is months clear of its first main catalyst, manufactured cells.

    Verify — Verify stocks shed 3.7% prior to the bell after Morgan Stanley downgraded the buy-now-pay-later inventory to equivalent weight from an outperform score following its newest income effects. In step with the Wall Boulevard company, Verify’s providing seems too restricted.

    Deutsche Financial institution — Stocks of the German financial institution dipped greater than 3% in pre-market buying and selling after Deutsche Financial institution was once downgraded to underperform from impartial at Financial institution of The usa. The funding company mentioned in a word to purchasers that Deutsche Financial institution’s expansion stays “quantity reliant” and that different Ecu friends have been extra sexy.

    DexCom — The scientific software corporate won 3.5% within the premarket after reporting adjusted earnings-per-share of 34 cents, as opposed to the 27 cents anticipated by means of analysts, according to StreetAccount. Income additionally beat expectancies. Previous this week, DexCom unveiled its Tremendous Bowl advert that includes Nick Jonas.

    Newell Manufacturers — The mother or father corporate of Rubbermaid and Yankee Candle slumped 7.5% after reporting income that overlooked analysts’ expectancies. CEO Ravi Saligram mentioned the corporate was once impacted by means of a difficult running surroundings, together with slowing client call for.

    — CNBC’s Samantha Subin, Hakyung Kim, Jesse Pound and Michael Bloom contributed reporting.

  • Shares making the largest strikes after hours: Lyft, Expedia, Yelp, PayPal and extra

    A traveler arriving at Los Angeles World Airport appears for flooring transportation all through a statewide day of motion to call for that ride-hailing corporations Uber and Lyft practice California regulation and grant drivers “fundamental worker rights” in Los Angeles, California, U.S., August 20, 2020.

    Mike Blake | Reuters

    Take a look at the firms making headlines in prolonged buying and selling.

    Expedia — The go back and forth corporate’s stocks fell 1.8% after the corporate overlooked analysts’ expectancies on income and earnings in the newest quarter. The corporate reported adjusted per-share income of $1.26 on earnings of $2.62 billion. Analysts referred to as for income of $1.67 in step with proportion on earnings of $2.70 billion, in step with Refinitiv.

    Lyft — Lyft stocks cratered 29% in prolonged buying and selling after a disappointing fiscal fourth-quarter record. The ride-hailing corporate reported losses of 74 cents in step with proportion. Lyft additionally anticipates making more or less $975 million in earnings within the fiscal first quarter of 2023, less than the $1.09 billion analysts expected, in step with StreetAccount.

    PayPal — Stocks of PayPal fell 3% all through after hours following the corporate’s quarterly record. Earnings got here in at $7.38 billion, in comparison to analysts’ estimate of $7.39 billion, in step with Refinitiv. PayPal CEO Dan Shulman additionally introduced that he would intention to step down on the finish of 2023.

    Yelp – Stocks of the eating place reviewing web site received 10% after Yelp posted fourth-quarter earnings that beat analysts’ expectancies. The corporate had earnings of $309 million, in comparison to analysts’ forecasts of $307 million, in step with Refinitiv. In step with-share income had been 28 cents, arriving in keeping with estimates.

    Motorola — Stocks of the communications corporate added 1.8% after Motorola beat analysts’ expectancies at the best and backside traces, in step with FactSet.

    Topgolf Callaway Manufacturers — The golfing corporate’s stocks rose 4% after the corporate reported fourth-quarter earnings of $851.3 million. Analysts referred to as for earnings of $840.4 million, in step with FactSet.

    Cloudflare – The cloud services and products supplier’s stocks added 11% in after-hours buying and selling. Cloudflare posted quarterly income of six cents in step with proportion, apart from pieces, on earnings of $275 million. Analysts had been calling for per-share income of 5 cents on earnings of $274 million.

    — CNBC’s Darla Mercado additionally contributed to the record.