SAN FRANCISCO: Lyft shares gained Wednesday after the US ride-hailing giant said it sees “positive momentum” that will help the company cut losses over the rest of 2019. The San Francisco-based Uber rival said its loss in the second quarter more than tripled from a year ago to $644 million including stock compensation expenses.
But revenue rose 72 percent to $867.3 million, and the company raised its outlook for the coming month. Shares rose 1.3 percent in afterhours trade. “We remain focused on reshaping transportation and we are pleased with the continued improvement in market conditions,” said chief executive Logan Green. – AFP
