11.10.20 - Lyft Loss Is Narrower Than Estimate as Rebound Takes Hold
'In an interview Tuesday, John Zimmer, the co-founder and president of Lyft, sounded an optimistic note about the promise of a coronavirus vaccine bringing the pandemic to a close. Earlier this week, Pfizer Inc. said it has developed a Covid-19 vaccine that was 90% effective in a trial, a breakthrough that broadly rallied the stock market, and increased hope that transportation and other industries would rebound more quickly.'
'“We believe the vaccine will accelerate our recovery,” Zimmer said. “As the economy recovers and people get out again, it directly correlates” to Lyft’s performance.'
'Lyft also scored a legislative win this month, when California voters approved a ballot measure exempting it -- along with Uber Technologies Inc., Instacart Inc. and other app-based gig companies -- from a state law designed to make drivers employees.'
'“For us, the election was a turning point,” Zimmer said, adding that next, “we want to get something done on a national scale. Better than a patchwork of regulations state by state would be providing something on a federal level,” he said. Lyft will take both approaches, talking with policy and labor leaders at both state and federal levels to “see which one is most fruitful,” Zimmer said.'