Air travelers head to a Lyft pick-up area at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Lyft said on Thursday that last week was the best in terms of passenger volume since the blockades began in March 2020. The company also saw a positive year-on-year increase in daily travel volume, for the first time in a year, Wednesday, March 17th.
The company’s shares rose more than 1% the morning after its announcement.
Riding companies are starting to come back from their pandemic lows as Covid vaccines expand and state restrictions are lifted, pushing people to feel more comfortable returning to work or traveling. At the close on Wednesday, shares of Lyft and Uber rose by more than 250% and 198%, respectively, from year to year.
Lyft now expects to see positive weekly growth from year to year and every subsequent week until the end of the year (except for a significant worsening of coronavirus disease).
Starting next week, the company said it expects its vehicle growth volume to grow by more than 100% year-over-year as it begins to “give up the significant impact of Covid-19 on our business a year ago.”
The Lyft update comes about two weeks after it reported in an SEC filing that improving trends will allow it to reduce losses in the current quarter by more than expected. The company said it expects to manage its adjusted first-quarter EBITDA loss of $ 135 million, up from $ 145 million to $ 150 million previously anticipated.
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