Investors cheer as Lyft’s Q1 revenue didn’t fall as much as expected

Investors gave Lyft’s value a small bump Tuesday after the American ride-hailing company reported results that weren’t quite as bad as the company, and Wall Street had expected. Shares of the Uber competitor rose as much as 4.5% in after-hours trading following the disclosure of its financial performance from the first three months of the year. As of the time of writing those gains have fallen to a smaller 2.5% gain.

Turning to its results, Lyft’s revenue fell 36% to $609 million in the first quarter of 2021 compared to the same period last year before the COVID-19 pandemic upended the economy, and, more specifically the ride-hailing industry. That

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