Coronavirus Causes 21% Plunge in Spending on Uber, 19% at Lyft
As the coronavirus outbreak deepened across the country, consumers avoided using ride sharing apps Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT). Spending on both services plummeted in the past week all across the country.
Analyzing anonymized credit and debit card transactions, market research-firm Edison Trends found consumers spending on Uber rides tumbled 21% in the seven-day period ending March 16 compared to the week before, while spending on Lyft dropped 19%.
In comparison, spending on Uber over a two-month period before the crisis took hold rose 3% and was up 4% at Lyft.
Source Fool.com
