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