As a company, is there reason to believe that Uber can better weather the storm? Does Lyft do anything other than rides?
Considering they somehow couldn't make a profit before this, I'd be surprised.
Lyft lays off 17% of workforce, furloughs hundreds more
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Re: Lyft lays off 17% of workforce, furloughs hundreds more
#12As a company, is there reason to believe that Uber can better weather the storm? Does Lyft do anything other than rides?
Uber eats is the biggest delta between the two companies, I suspect they still will need to cut staff though.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#13As a company, is there reason to believe that Uber can better weather the storm? Does Lyft do anything other than rides?
Lyft is in a much more worse position than Uber. Since Uber is in more locations than Lyft and Uber has Uber Eats and other services, I don't know how Lyft can justify its value.
One thing that's common is that they're both unprofitable and have both been racing to burn cash for years and unfortunately they are now making difficult cuts to save themselves. But the true picture will be revealed on May 6th in their Q1 earnings call.
EDIT: Q1 Earnings call on May 6th, not Q2.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#14As a company, is there reason to believe that Uber can better weather the storm? Does Lyft do anything other than rides?
They had scooters for a while, no clue if they shut that down in recent months. Haven't been itching to scoot lately...
I wonder if a giant will scoop up one of these companies after they are beaten to the point of death?
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#15Lyft is up 5% today, but the market (S&P 500) is generally up 2.94%.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#16As a company, is there reason to believe that Uber can better weather the storm? Does Lyft do anything other than rides?
Uber eats is the biggest delta between the two companies, I suspect they still will need to cut staff though.
There is also Uber Freight business that was ground rapidly recently
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#17Lyft is up 5% today, but the market (S&P 500) is generally up 2.94%.
Both uber and lyft are flying today. Most people see cutting jobs as a bad thing, market probably sees it as a cost savings and great business decision.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#18> Lyft is laying off 17 percent of its workforce and furloughing 5 percent. This is after an employment lawyer at the company accidentally invited much of the workforce to a weekend meeting called "Jetty" in what workers took to be a reference to jettisoning jobs. https://twitter.com/kateconger/status/1255526352813535232
That's incredibly insulting.
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#19This seems like a great time for Amazon or Google to buy Lyft.
Amazon could bundle rides with package deliveries and get the pre-existing driver and passenger network from Lyft. Lyft was actually telling drivers to work with Amazon when the pandemic started (1).
Waymo could take Lyft’s aggregated rider demand. They already have a partnership to transfer autonomous rides from Waymo to Lyft during bad weather situations and refer Lyft riders to Waymo vehicles (2).
Edit - links below.
(1) Amazon - https://www.theverge.com/2020/3/27/21197699/lyft-amazon-coro...
(2) Waymo - https://www.fool.com/investing/2019/05/08/waymo-lyft-partner...
Re: Lyft lays off 17% of workforce, furloughs hundreds more
#20[deleted]