Lyft stock closes lower than $10 for the first time; three-quarters of its valuation has been wiped away this year

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Lyft stock closes lower than $10 for the first time; three-quarters of its valuation has been wiped away this year
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Shares of Lyft Inc. closed lower than $10 for the first time Tuesday as the ride-hailing company's shares head for their worst year yet.

Shares of Lyft Inc. closed lower than $10 for the first time Tuesday as the ride-hailing company’s shares head for their worst year yet.

As... Shares of Lyft Inc. closed lower than $10 for the first time Tuesday as the ride-hailing company’s shares head for their worst year yet. As its stock has fallen this year, the company has been slashing costs, with executives emphasizing on each quarterly earnings call with analysts that they are being disciplined and are continuing to target profitability.

Lyft also reported last month that it saw pandemic-high demand and revenue in the third quarter. Co-founder and President John Zimmer told MarketWatch in an interview that “specific to ride-share and North American ride-share, the hardest part of the last few years is behind us.”

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