The actions of Uber Y lyft, two of the main transport platforms in the world, collapse on Wednesday on Wall Street. Both companies presented figures that raised concern among their investors, especially due to a lack of drivers that subtracted from Lyft more than a third of its market value.
Lyft reported a “better-than-expected first quarter” yesterday in its report, with the company’s chief executive, Logan Green, saying ride volumes hit “a new high since the COVID-19 pandemic.” Covid-19“, but its shares plummeted before a result lower than the forecast of the directive.
Lyft’s results were indeed above expectations, with the exception of ridership, however, the stock is down from after-hours trading yesterday. The lack of drivers due to the context of full employment in the United States makes it necessary to increase advertising investment.
As a result, Lyft shares are currently down -34.09% to $20.27 (more than a third of the company’s capitalization), from $30.76. With 348,560,843 shares outstanding, this strong daily movement means a drop of 3,656,403,243.07 dollars.
Nervousness rose among investors in Uber, whose shares are also down in after-hours trading, when it pushed back the release of its quarterly figures until this morning. The company indicated earlier that its forecasts improved for the second quarter of the year.
The transport giant mentioned that it will not require increased incentives for drivers or a greater advertising investment like its rival Lyft, but its shares move -10.59% to 26.35 dollars from a price of 29.47 dollars per share, with a loss of 6,100 million. of dollars.
Some analysts mentioned that investors are steering away from loss-making companies with consumer-oriented businesses that could suffer from higher inflation. Uber reported an increase in revenue in the quarter, but also a net loss of $5.9 billion.
According to the company, the loss was due to its equity investments. Uber has invested heavily in the Chinese company in the same sector Didi, which has suffered from regulatory conflicts in its country. Uber also invested in Singapore’s Grab, and autonomous vehicle company Aurora.