COVID-19 is affecting Lyft with a 70 percent decrease in business

The COVID-19 pandemic is affecting businesses in a number of different ways.

Ride-hailing business Lyft is feeling that impact with business down 70 percent year over year. The company’s ride-sharing volume has plummeted by 75 percent year over year in the second week of April, the company’s chief executives said in an earnings call with investors.

As a result, Lyft is projecting business will continue to fall as the pandemic goes on.

“We cannot predict the trajectory or timing of the eventual recovery,” Lyft CEO Logan Green said in an earnings call on Wednesday.

“It is clear that macro trends will continue to negatively impact our business.”

Not all things are doom and gloom for Lyft with the release of its Q1 earnings report. Lyft brought in $955.7 million USD (approximately $1.3 billion CAD), which is a 23 percent increase from Q1 2019.

Lyft’s user base saw a three percent increase year over year, with the company ending its quarter with 21 million active users.

Source: Lyft Via: The Verge