Welcome to our dedicated page for Lyft news (Ticker: LYFT), a resource for investors and traders seeking the latest updates and insights on Lyft stock.
Lyft, Inc. reports developments tied to its global mobility platform, including rideshare, taxis, private hire vehicles, executive chauffeur services, car sharing, bikes and scooters. Company news commonly covers operating and financial results, Active Riders, Gross Bookings, non-GAAP measures such as Adjusted EBITDA and free cash flow, and capital actions involving its Class A common stock.
Lyft updates also cover partnerships and product features that extend its transportation marketplace, including loyalty integrations, membership-based ride offers, AI infrastructure, mapping systems and autonomous vehicle initiatives. Recent corporate developments include its completed acquisition of Gett’s UK business, expanding Lyft’s presence in London’s taxi and ride-hail market.
Lyft, Inc. (Nasdaq:LYFT) will release its financial results for the second fiscal quarter ended June 30, 2020, on August 12, 2020, after market close. A conference call to discuss the results will be held at 1:30 p.m. PT (4:30 p.m. ET) the same day. Investors can listen to the live audio webcast on the Company’s Investor Relations page. Lyft continues to focus on its mission to enhance lives through superior transportation solutions, which include rideshare, bike, scooter, and car rental services.
Lyft has announced the pricing of $650 million in Convertible Senior Notes due 2025, with an additional $97.5 million option for initial purchasers. Expected net proceeds are approximately $637.5 million, following a settlement on May 15, 2020. The notes carry a 1.50% interest rate and are convertible at an initial rate of 26.0491 shares per $1,000 principal. Lyft plans to utilize around $115.38 million for capped call transactions and the remainder for general corporate purposes. Noteholders may force a buyback upon fundamental changes in the company's structure.
Lyft reported first quarter 2020 revenue of $955.7 million, a 23% increase year-over-year from $776.0 million in Q1 2019. The net loss for the quarter was $398.1 million, significantly improved from a net loss of $1.1 billion in Q1 2019. Adjusted net loss was $97.4 million compared to $211.5 million a year earlier. Lyft ended the quarter with $2.7 billion in cash and short-term investments. The company is implementing a cost reduction plan aiming to cut annual expenses by $300 million by Q4 2020 due to challenges posed by the COVID-19 pandemic.