Air travelers walk towards a Lyft boarding area at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Lyft said on Thursday that last week was the best, in terms of passenger volume, since the blockades began in March 2020. The company also recorded positive year-over-year growth in daily visitor volumes for the first time in one year on Wednesday, March 17th.
The company’s stock rose more than 1% the morning after the announcement.
Hitchhiking companies are starting to recover from their low pandemics as Covid vaccines are launched and state restrictions are lifted, making people more comfortable returning to work or traveling. At the close of Wednesday, Lyft and Uber shares rose more than 250% and 198%, respectively, year after year.
Lyft now expects to post positive weekly hitchhiking growth on a year-over-year basis and every subsequent week until the end of the year (except for a significant worsening of coronavirus conditions).
Starting next week, the company said it expects its visitor volume to grow by more than 100% year on year, as it begins “overcoming Covid-19’s significant impact on our business a year ago.”
Lyft’s update comes about two weeks after it reported in a SEC document that improving trends will allow losses in the current quarter to be greater than expected. The company said it expects to manage its first-quarter adjusted EBITDA loss to $ 135 million, from the previously forecasted $ 145 million to $ 150 million.
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