NewsBreak: Lyft Founders See Profits by 2021 4Q; Shares Jump

Lyft (NASDAQ:) shares jumped Tuesday after Lyft’s co-founders said they believed they would hit profitability in the fourth quarter of 2021, a year earlier than expected.

• Logan Green and John Zimmer were discussing earnings before interest, taxes, depreciation and amortization at a Wall Street Journal “WSJ Tech Live” Event.
• Lyft (NASDAQ:) shares were up 7.9% at $44.08 at 12:45 PM ET (16:45 GMT). Uber (NYSE:) also moved up as much as 5% before falling back to a 3.7% gain at $32.58.
• Most analysts have expected Lyft (NASDAQ:) could become profitable by 2023, although Guggenheim Securities has said it’s possible profits would emerge by 2021 with price increases.
• Lyft (NASDAQ:) and Uber (NYSE:) both went public earlier this year with great fanfare, but the size of their operating losses and lack of visibility of getting to profitability have hit the stocks hard. Going into Tuesday, Lyft shares were down 43% from their IPO price of $72. Uber was off 30% from its $45 IPO price.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.