Ride-sharing companies Uber and Lyft reported major first quarter losses this week driven by the fallout from the coronavirus pandemic.<\/p>\n
Both companies revealed that their ride-sharing business revenues fell drastically in March as countries and states worldwide began issuing stay-at-home orders.<\/p>\n
Uber said Thursday that while first quarter revenue grew 14 percent compared to last year, losses jumped 190 percent.<\/p>\n
The announcement of the losses comes a day after Uber laid off 3,700 employees in its customer support and recruiting teams.<\/p>\n
Khosrowshahi has waived his base salary for the remainder of 2020.<\/p>\n
Lyft’s first-quarter earnings did not reflect the damage done to the ride sharing industry as fully.<\/p>\n
The company’s revenue rose 23 percent versus the same period in 2019, while losses were also narrower.<\/p>\n
However, Lyft said in an earnings call Wednesday that rides dropped almost 80 percent in late March and are still down 70 percent in May.<\/p>\n
If usage remains at similar levels, Lyft predicts second quarter losses could far outpace the first quarter.<\/p>\n
\u201cThese are the hard truths we\u2019re facing,\u201d CEO Logan Green said Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"
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