Fox Business Flash top headlines for February 8<\/h2>\n

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With the pandemic still suppressing ridesharing demand, Wall Street is keen to know how soon Uber Technologies Inc and Lyft Inc expect a rebound and how they plan to keep costs under control until then.<\/p>\n

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Ticker<\/th>\n	Security<\/th>\n	Last<\/th>\n	Change<\/th>\n	Change %<\/th>\n<\/tr>\n<\/thead>\n
UBER<\/td>\n	UBER TECHNOLOGIES INC.<\/td>\n	59.29<\/td>\n	+0.71<\/td>\n	+1.21%<\/td>\n<\/tr>\n
LYFT<\/td>\n	LYFT INC.<\/td>\n	53.41<\/td>\n	+0.29<\/td>\n	+0.55%<\/td>\n<\/tr>\n
Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Investors are also hoping for more insight on Uber’s successful food delivery operations and Lyft’s efforts to set up a delivery business when the companies report fourth-quarter results this week.<\/p>\n UBER PLEDGES 10 MILLION FREE OR DISCOUNTED RIDES FOR PEOPLE SEEKING COVID-19 VACCINATION<\/strong><\/p>\n Analysts generally do not expect ride-hail demand to rebound before the second half of 2021, when more people have been vaccinated and offices and businesses have reopened, which suggests a somewhat gloomy outlook for the broader consumer-based economy.<\/p>\n The sluggish recovery also complicates Uber and Lyft’s efforts to become profitable on an adjusted basis by the end of this year.<\/p>\n <\/picture>\n With the pandemic still suppressing ridesharing demand, Wall Street is keen to know how soon Uber Technologies Inc and Lyft Inc expect a rebound and how they plan to keep costs under control until then. (AP Photo\/Richard Vogel, File)<\/span><\/p>\n Lyft, scheduled to report results on Tuesday afternoon, already disclosed that rising COVID-19 infections have resulted in 47% and 50% fewer rides in October and November, respectively.<\/p>\n Analysts expect a similar trend for Uber, which reports results after market close on Wednesday. As a global player, Uber is also impacted by renewed lockdown measures imposed across its European markets.<\/p>\n “Cost-cutting is perhaps the main factor which investors watch these days when they decide to trade ride-hailing stocks,” Investing.com analyst Haris Anwar said in a note.<\/p>\n Bernstein analysts cautioned investors to ignore the short-term volatility in the pace of recovery.<\/p>\n FACEBOOK, LYFT, DOORDASH CUT OFF DONATIONS TO GOP PROSECUTORS REPORTEDLY LINKED TO CAPITOL RIOTS<\/strong><\/p>\n Unlike Lyft, Uber has been able offset its ride-hail losses with a surge in food-delivery orders at its Uber Eats business, where revenue has doubled during the pandemic.<\/p>\n Uber has expanded its footprint in the competitive space and acquired smaller food-delivery rival Postmates and alcoholic beverage delivery service Drizly.<\/p>\n The company has also launched grocery, package and prescription deliveries in some North American cities.<\/p>\n Lyft last quarter announced it was working to offer a delivery service for restaurants without launching a full-fledged consumer-facing platform for food delivery.<\/p>\n Asked about details during a December investor conference, Lyft President John Zimmer said the company was working on a white-label or non-Lyft-branded platform to allow deliveries between different businesses for groceries, food and packages.<\/p>\n CLICK HERE FOR THE FOX BUSINESS APP<\/strong><\/p>\n Lyft has not provided further details and Zimmer in December said the company was still in the very early stages of the process.<\/p>\n Analysts on average expect Uber to post $3.58 billion in fourth-quarter revenue and a $949 million net loss, according to Refinitiv data.<\/p>\n Lyft is expected to post $562 million in quarterly revenue at a net loss of $226 million, Refinitiv data showed.<\/p>\n Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Fox Business Flash top headlines for February 8 Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com. With the pandemic still […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\n