Lyft Demand Improved In April, 'Path To Profitability'

(Reuters) - Lyft Inc (LYFT.O) on Wednesday posted higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable, saying ridership hit by the coronavirus pandemic had improved in late April. Shares in Lyft rose over 18% in after-hours trading, but shares are still less than half the $72 price from their initial public offering last year. Shares of larger rival Uber Technologies Inc (UBER.N) were up 9%. The first-quarter results offer a first look at the impact of strict stay-at-home orders to combat the spread of the virus in many of the ride-hailing industry’s largest markets.