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  • Lyft Inc’s (NASDAQ: LYFT) gradually increase in U.S. drivers has led to reduced customer waiting time and a modest decrease in surcharge pricing, Reuters reported.

  • The platform’s active drivers rose 10% since May beginning. The company activated thousands of new drivers in the past two weeks.

  • Passenger wait times across the U.S. reduced 15% on average compared with one month ago. In some major markets, including Austin, Texas, Miami, and Philadelphia, wait times reduced by 25% to 30% and as much as 35% in Las Vegas.

  • Lyft promised to be profitable on an adjusted basis by the end of the Q3 in September.

  • Lyft and Uber Technologies Inc (NYSE: UBER) struggled to bring back drivers following a sudden revival in rider demand following the vaccination.

  • Uber and Lyft continue to entice drivers with additional incentives and temporary higher-earning promises.

  • The shortage of drivers led to a sharp increase in prices and long wait times in many U.S. cities leading to angry riders venting out their frustration online.

  • Lyft’s surcharge fares during peak demand had declined 15% during the last week of May compared to the previous week of March.

  • Price action: LYFT shares traded lower by 1.70% at $56.83 on the last check Wednesday.

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