S & P 500 -51.57 2,972.37 (-1.71%) 11:01 PM NASDAQ 100 -141.32 8,530.34 (-1.63%) 11:16 PM DJIA 0.00 25,789.00 (0.00%) 11:34 PM NIKKEI 225 -620.00 20,430.00 (-2.89%) 11:27 PM

S & P 500 -51.57 2,972.37 (-1.71%) 11:01 PM NASDAQ 100 -141.32 8,530.34 (-1.63%) 11:16 PM DJIA 0.00 25,789.00 (0.00%) 11:34 PM NIKKEI 225 -620.00 20,430.00 (-2.89%) 11:27 PM

Lyft posted record sales last week, and coronavirus might be the key driver Theron Mohamed Mar. 4, 2020, 07:30 AM

Lyft IPO Nasdaq bellREUTERS/Mike Blake

  • Lyft racked up record sales and customer journeys in the same week that coronavirus fears sparked a massive stock-market selloff.
  • "Last week was our single biggest week in our history in terms of both revenue and rides," Lyft finance chief Brian Roberts said.
  • Commuters, shoppers, and others may be springing for Lyft rides rather than braving public transport.
  • "If you have to get from point A to point B, you begin to second-think any sort of situation where you're going to be crammed into a bus or crammed into a train or subway," Roberts said.
  • Visit Business Insider's homepage for more stories.

Lyft set records for customer journeys and sales last week, even as coronavirus fears sparked the fastest stock-market correction in more than 80 years.

"Last week, it was markets in free fall, fear, paranoia about coronavirus in the United States," Brian Roberts, the ride-hailing startup's finance chief, said at a technology conference on Tuesday. "Last week was our single biggest week in our history in terms of both revenue and rides."

Coronavirus — which causes a flu-like disease called COVID-19 — has infected more than 93,000 people, killed at least 3,100, and spread to upwards of 75 countries. Concern about catching it may have fueled Lyft's record week.

"If you have to get from point A to point B, you begin to second-think any sort of situation where you're going to be crammed into a bus or crammed into a train or subway," Roberts said.

"When you're packed against people and you hear distant coughing, I think there's nothing worse in terms of the human psyche right now because there's just so much fear," he added.

Commuters, shoppers, and others may be springing for private-car rides rather than braving public transport.

"People are using more Lyft," Roberts said, citing conversations with friends and colleagues. "We have not seen a demand impact" from coronavirus, he added.

Lyft may be faring better than its archrival, Uber, because of its domestic focus. It only operates in the US and Canada — two countries with excellent healthcare systems that haven't suffered major outbreaks so far — and relies less on international travelers, Roberts said.

While coronavirus could disrupt Lyft's supply chain, Roberts argued the startup's resilience to the epidemic made the 30% drop in its shares over the past three weeks seem a little harsh.

"I do think there's some mitigating factors from Lyft, especially what's priced into our stock at this point," he said.

SEE ALSO: Dow tanks 257 points, S&P 500 nearly erases weekly gain as coronavirus risks drag stocks lower » READ NOW: Apple CEO Tim Cook tells office employees to work from home as the company plans to reduce 'human density' in stores amid coronavirus outbreak » SUBSCRIBE NOW:

SHARE THIS POST

Uber NewsMORE

Uber says it will compensate drivers diagnosed with coronavirus Reuters 19h
Uber says it will compensate drivers diagnosed with coronavirus Reuters 21h
Uber says it will compensate drivers diagnosed with coronavirus Reuters 22h
Why Is Uber (UBER) Down 14.6% Since Last Earnings Report? Zacks 1d
Uber and scores of VCs are investing millions into trucking innovation — but little is going toward self-driving trucks, despite the hype around them. Here's why.BI Prime 1d
Uber says it's 'exploring' paying drivers who 'have been quarantined or diagnosed with coronavirus' (UBER)Business Insider 2d
Senator urges Uber, Lyft, Instacart and others to offer gig workers financial security in light of COVID-19 concerns TechCrunch 2d
Regulation Crowdfunding Changes Mean You Could Invest in the Next AmazonInvestorPlace 2d

"; } } tableString += ""; } tableString += ""; } } tableString += ""; $('#detail-news-table').html(tableString); try { trackPI(); } catch (e) { } }; function insertNewsHelp() { var help = "To give you an overview of the large number of messages that appear every day for a company, we have broken the news feed in the following categories:u003cbr/u003eRelevant : News from selected sources that deal specifically with this company u003cbr/u003eAll: All news about this company. u003cbr/u003eCompany News: News issued by the company directly."; $('#detail-news-table').html(help); try { trackPI(); } catch (e) { } };

your MARKET VIEW

Your Personalized Market Center

Find News

  1. Markets
  2. Stocks
  3. Uber-stock
  4. News for Uber Uber
  5. Lyft posted record sales last week, and coronavirus might be the key driver

Original Article

LEAVE A REPLY

Please enter your comment!
Please enter your name here