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Ride-sharing companies Uber Technologies, Inc. (UBER) and Lyft, Inc. (LYFT) are scheduled to report earnings this week, following what has been a dismal first quarter due to the coronavirus pandemic. Both are burning through cash at a rapid pace, with neither posting a profit since becoming public companies.
Uber is scheduled to report on Wednesday, with Lyft following a day later.
Financial pressures are starting to take their toll, with Uber furloughing 20% of its workforce while Lyft is shedding 17%. Surprisingly, analysts have maintained high ratings for both companies as they expect business to return in coming quarters.
Since going public last May, Uber has maintained a trading range between $36 and $45. A June breakout posted an all-time high at $47.08 before turning tail in a failure swing that broke range support in August. The subsequent downtrend continued into November, when the stock posted a tradable low at $27.55 before gathering strength into February 2020.
Uber shares slid more than 3% on Monday to close at $27.42, while the S&P 500 was largely unchanged.
Meanwhile, Lyft shares fell nearly 9% in Monday’s trading session, closing at $27.03 after the company last week announced plans to lay off 17% of its workforce and furlough nearly 300 others because of coronavirus pandemic’s impact on its business.
Overall, investors are showing a stronger positive sentiment towards Uber due to its wider spread of business. Lyft’s exposure to the North American market has had a negative impact on the company’s profit and share value while Uber has centred its position as a globally dominant brand with its diversification into transporting goods in addition to people with UberEats.
This puts Uber in a better position than Lyft to survive the pandemic, although neither company is likely to reward investors in coming quarters.
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