Lyft Reports Best Week For Rides Since COVID-19 Pandemic Began, Raises Outlook; Shares Up 5%

(RTTNews) - Shares of ride-hailing app Lyft Inc. (LYFT) gained over 5% in extended trading session on Tuesday after the company said that last week of February was its best week for rides since pandemic lockdowns began.

In a filing with the SEC Tuesday, the company said that average daily rideshare rides in February increased 4.0% month-over-month relative to the average daily rideshare ride volume in January 2021.

Rideshare ride volume during the week ending February 28th reached a new record level for 2021 and was the company's best week since March 2020.

Lyft said it now expects to manage its adjusted EBITDA loss in the first quarter to $135 million, from the prior outlook of $145 million to $150 million.

Further, Lyft said it expects the recovery to continue into this month and show positive year-over-year growth in ridesharing volume.

LYFT closed Tuesday's trading at $57.06, down $0.28 or 0.49%, on the Nasdaq. The stock, however, gained $2.87 or 5.03% in the after-hours trade.