Lyft Withdraws Guidance as COVID-19 Decimates Ridesharing

Just a week after ridesharing leader Uber (NYSE: UBER) withdrew its guidance, Lyft (NASDAQ: LYFT) has followed suit in suspending its forecast due to ongoing uncertainty surrounding the COVID-19 pandemic. The crisis has all but obliterated demand in the ride-hailing industry as people stay home, which has caused both companies to introduce alternative services that primarily transport physical goods instead of people.

Here's what investors need to know.

COVID-19 is destroying the travel industry, including ridesharing. Image source: Lyft.

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Source Fool.com