Lyft’s ride-hailing business is starting to claw its way out of a deep hole – Andrew J. Hawkins

Illustration by Alex Castro / The Verge

Lyft continues to struggle to bring in money amid rising case numbers of COVID-19 in the US. The ride-hailing company lost $495 million over the last three months, with its adjusted net revenues down 48 percent year over year.

Its ride-hailing is significantly smaller than it was last year. This quarter, Lyft reported having 12.5 million active riders, compared to 22.3 million in the third quarter of 2019 — a drop of 44 percent. It’s a deep hole, but Lyft is starting to claw its way out. The company’s ridership has been steadily growing over the course of the year: this quarter’s number is 44 percent improvement over Q2.

Lyft brought in nearly $500 million in revenue this quarter, versus $956 million…

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