LYFT SAYS COST CUTS, RIDE RECOVERY COULD FETCH Q3 PROFIT

Lyft Inc. said on Tuesday it could become profitable on an adjusted basis by the third quarter of this year despite the pandemic, three months ahead of a previous target, forecasting a rebound in ride-hail demand beginning in the second quarter of 2021. Lyft expects COVID-19 vaccine distribution to scale up in the second quarter, allowing more people to return to pre-pandemic normality, and said its own cost cuts were ahead of target. The company reported roughly us$570 million in fourth-quarter revenue, a 44 per cent decline on a yearly basis, but an uptick of 14 per cent compared with the third quarter. Lyft reported a loss in adjusted earnings before interest, taxes, depreciation and amortization of us$150 million in the fourth quarter.