Lyft is back up after positive vaccine outlook

Uber (UBER + 8.5%) and Lyft (LYFT + 26.5%) are among the pandemic-hit inventories that moved into the green light today following positive phase 2/3 data from Pfizer for a coronavirus vaccine have moved. Lyft suffered more from the pandemic during the pandemic because Uber had a pandemic tailwind behind its Eats delivery business, while Lyft did not have a strong secondary unit to make up for the losses at the ride sharing agencies.

Lyft is slated to release results for 3rd tomorrow after the bell. Consensus estimates assume revenue of $ 489.26 million and a loss per share of $ 0.90. Other analyst estimates for Q3: Adjusted EBITDA loss, $ 252.2 million; active drivers, 12.8 million; Income per active driver, $ 38.66. In the most recent quarter, Lyft reported a 61% year-over-year revenue decline and a 60% decrease in active riders. The company reported a better than expected adjusted EBITDA loss of $ 280.2 million versus the loss consensus of $ 290.8 million.

Last week, Uber reported a 53% year-over-year decrease in Mobility revenue and a 50% decrease in Mobility bookings. Uber's results both companies withdrew from the rally that followed their election victory in the Prop. 22 vote in California, meaning the companies do not have to classify drivers as employees.