Aug 12, 2020 - Economy & Business

Lyft beats Wall Street expectations for Q2

Photo: DON EMMERT/AFP via Getty Images

Lyft Wednesday posted narrower losses and higher revenue than expected for the second quarter, though revenue did fall 61% from the same period last year.

Why it matters: Lyft's business has been hard hit by the coronavirus pandemic as people stay home.

By the numbers:

Loss per share: $0.86, compared to $0.99 expected, per Yahoo Finance.
Revenue: $339.3 million, compared to $336.8 million expected, per Yahoo Finance.
Active riders: 8.7 million, down 60% year-over-year.
Revenue per active rider: $39.06, down 2% year-over-year.

Meanwhile, the company is also fighting a new court injunction that would force it and rival Uber to immediately reclassify California drivers as employees.

Go deeper

Ina Fried, author of Login

Oct 22, 2020 - Technology

Intel shares drop sharply despite mostly solid earnings report

Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

Shares of Intel fell as much 10% in after-hours trading Thursday — after the company posted quarterly revenue and earnings generally in line with expectations.

Why it matters: The chip giant is a bellwether for the PC industry, and small signs of weakness may be playing an outsize role in spooking investors.

Go deeper (1 min. read)

Kia Kokalitcheva

Oct 22, 2020 - Technology

Drivers sue Uber over in-app messages promoting ballot measure

Illustration: Rebecca Zisser/Axios

A group of Uber drivers, along with nonprofits Worksafe and the Chinese Progressive Association, have sued the ride-hailing company, arguing that in-app messages promoting a California ballot measure that would enshrine their status as independent contractors violate drivers' right to be free of political influence from their employer.

Why it matters: Uber and other gig-economy companies have poured nearly $200 million into the campaign, as classifying their workers as independent contractors instead of employees is central to their business models.

Go deeper (1 min. read)