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Lyft Shares Plunge on Weak Earnings Outlook

Ride-hailing company says it will invest to attract drivers, prepare platform for future growth

Your average Uber or Lyft ride cost 50% more this summer than before the pandemic. But prices were inching up even before lockdowns began. Here’s what drove rideshare prices through the roof, and how the companies are working to bring them back down. Composite photo: David Fang/WSJ

Lyft said it would invest in the current quarter to ensure adequate driver supply and grow its ride-hailing platform, spooking investors as the spending weighs on operating profit.

The ride-hailing company on Tuesday forecast adjusted earnings before interest, taxes, depreciation and amortization, its preferred metric of financial performance, of $10 million to $20 million. The figure represents a second sequential quarterly decline and missed Wall Street expectations by more than $50 million.

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