NewsBreak: Lyft Founders See Profits by 2021 4Q; Shares Jump
Stock Markets 30 minutes ago (Oct 22, 2019 12:59PM ET)
(NASDAQ:) shares jumped Tuesday after Lyft's co-founders said they believed they would hit profitability in the fourth quarter of 2021, a year earlier than expected.
- Logan Green and John Zimmer were discussing adjusted earnings before interest, taxes, depreciation and amortization at a Wall Street Journal "WSJ Tech Live" Event.
(NASDAQ:) shares were up 7.9% at $44.08 at 12:45 PM ET (16:45 GMT). Uber (NYSE:) also moved up as much as 5% before falling back to a 3.7% gain at $32.58.
Most analysts have expected (NASDAQ:) could become profitable by 2023, although Guggenheim Securities has said it's possible profits would emerge by 2021 with price increases.
- (NASDAQ:) and Uber (NYSE:) both went public earlier this year with great fanfare, but the size of their operating losses and lack of visibility in getting to profitability have hit the stocks hard. Going into Tuesday, Lyft shares were down 43% from their IPO price of $72. Uber was off 30% from its $45 IPO price.
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Lyft shares are trading higher after the company said it expects to reach profitability on an adjusted Ebitda basis by the fourth quarter of 2021, a year ahead of current Wall Street expectations.
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