💨 Abstract

Lyft shares dropped 12.5% in premarket trading due to weak gross bookings forecast for Q1, as it competes with Uber to attract more riders. Six brokerages reduced their price targets, citing weakening network effects as a potential negative feedback loop. Lyft expects gross bookings between $4.05 billion and $4.20 billion for Q1, below Wall Street estimates of $4.26 billion.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖