The continuous economic slowdown is forcing companies to stop expanding and start layoffs along with budget-cutting. Recently Uber, a ride-sharing platform has announced to apply that strategy for the upcoming regression. Its counterpart Lyft is practicing the same thing after losing significant stock value from $63.18 to $16.48.
Unfortunately, Lyft has not entered the positive earnings area since the top management has been generous in spending on research and development, and staffing. So new things we may not see from the app in upcoming months.
Lyft and Uber have followed big tech stocks that still keep going red. Sadly saying Lyft may turn to under $10 stock this year if this kind of declining speed continues.