Lyft Inc shares fell 35% on Friday after a bleak forecast fueled worries that the company will have to cut prices and sacrifice profit to avoid being a distant second to rival Uber in the North American ride-sharing market.
Lyft on Thursday provided first-quarter profit and revenue forecasts that were below market expectations, a stark contrast to Uber's strong profit projection and better-than-expected earnings.
Drivers have returned to ride-sharing companies in recent months as they look for a consistent income stream in a weak economy, allowing Uber and Lyft to cut back on incentives. But the higher supply means that Lyft will see lesser surge pricing in the first quarter, which will hit its revenue.The company lowered prices in January after Uber dropped its fuel surcharge earlier that month, and analysts said Lyft's larger presence on the U.S. West Coast was also a drag as many technology companies there have not returned to office.
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