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.

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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.

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.

Updated 37 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Australian city Melbourne to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  5. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery