Lyft, Inc (NASDAQ:LYFT) stock is down after rival Uber Technologies, Inc (NYSE:UBER) extended its collaboration with Waymo, formerly known as the Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Self-Driving Car Project.
Uber and Waymo look to launch autonomous ride-hailing in Austin and Atlanta with Jaguar I-PACE vehicles by 2025 via the Uber app.
Uber has led with its diversified offering, including food delivery, freight, and same-day delivery services, gradually shedding its image as a ride-hailing company.
Uber reported fiscal second-quarter 2024 topline growth of 16% to $10.70 billion, beating the analyst estimate of $10.57 billion. Revenue from Mobility grew to $6.13 billion, up 25%. Delivery was $3.29 billion, up 8%, and Freight was $1.27 billion.
Uber's trips rose 21% to 2.8 billion, or 30 million per day, signaling a recuperation in rides on pandemic recovery.
Conversely, Lyft shared plans to lay off 1% of its employees and dispose of assets related to its bike and scooter operations to contain operating costs.
Lyft had 2,945 employees as of December 31, 2023, after letting go of 1072 employees in April 2023.
Lyft reported second-quarter sales growth of 41%, reaching $1.44 billion, beating the analyst consensus of $1.39 billion. Lyft's rides grew by 15% year over year to 205 million.
Uber stock is up 49% in the last 12 months. Lyft stock is down 0.18%.
Investors can gain exposure to Uber and Lyft through Vanguard Total Stock Market ETF (NYSE:VTI) and iShares Russell 1000 Growth ETF (NYSE:IWF).
Price Action: LYFT stock is down 4.68% at $11.08 at the last check on Friday.
Photo Courtesy Lyft