lyft

Lyft shares surged more than 25 percent after the ride-sharing giant posted higher-than-expected revenue and vowed to slash costs in order to achieve profitability. The San Francisco-based rival to Uber reported first-quarter revenue of $955.7 million, up 23 percent year-over-year and well above analyst expectations of $884.7 million. It lost $1.31 per share, or $398.1 …

California sued Uber and Lyft this week for treating their drivers as contractors rather than full employees, in the latest episode of the state’s feud with big tech companies. The Tuesday complaint accuses the ride-hailing giants of misclassifying their drivers as independent contractors and denying them protections such as a minimum wage, overtime pay, sick …

Lyft said on Wednesday it plans to lay off 982 employees, or 17 percent, of the ride-hailing firm’s workforce, due to the economic challenges caused by the coronavirus pandemic. Wall Street reacted by sending the shares up almost 5 percent, or $1.62, to $34.36. Earlier this month, the Uber rival announced that some drivers sidelined …

Lyft on Wednesday said it has launched a new on-demand delivery service to provide essential goods, including groceries, meals and medical supplies, to people in need during the coronavirus crisis. The US company said the offer will also provide earning opportunities to drivers suffering from a near-total collapse in demand for ride-hailing trips. The company …