Lyft falls as fears of price war with Uber overshadow strong forecast
, taking the shine off its strong earnings forecast and sending the company's shares down nearly 8% in extended trading.
But that strategy dragged down its revenue per active user by 5% to $47.51 in the second quarter. The figure also missed estimates of $48.38, according to Visible Alpha.after rising fears of a price war slammed Uber shares and overshadowed the company's positive resultsHe added that rides receiving prime-time charge, or surge pricing, fell 35% sequentially in the second quarter, while the average per-mile fare was 10% lower from a year ago.
Third Bridge analyst Nicholas Cauley, however, said the company's efforts to offer more competitive pricing could lead to higher driver incentives, affecting its profit target. In the quarter ending September, Lyft expects revenue in the range of $1.13 billion to $1.15 billion, higher than estimates of $1.09 billion, according to Refinitiv data.
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