Risk/Reward Rating: Neutral
Lyft stock was down 8% this morning after reporting a loss of $252 million in the second quarter. The company was devastated last year by the COVID pandemic as lockdowns and work from home reduced demand for rides on Lyft’s network. For example, the number of riders in Q2 2020 fell 60% compared to 2019. As a result, comparing 2021 results to 2020 has little meaning and 2019 serves as a more realistic gauge of the trends in Lyft’s business.
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