Lyft Stock Sheds $2 Billion After Massive Earnings Miss ...Middle East

Lyft is trailing behind competitor Uber as disappointing forecasts have caused investors to lose confidence. Shares in the ride-hailing company dropped more than 30 percent this week after it reported lower than expected first quarter profit forecasts of $975m (£805m). Initially, analysts forecasted it would be at $1.09bn (£900m), according to Refinitiv data. Lyft also announced its first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) to between $5m and $15m, a decrease from S&P Capital IQ analyst…

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