this post was submitted on 09 Aug 2023
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This is the best summary I could come up with:
Lyft has been cutting fares in order to secure more riders, and it’s working.
That discrepancy was fueled by a decision by the company to “price in line with the market,” according to CEO David Risher.
During Tuesday’s earnings call, Risher said that surge pricing might work to incentivize more drivers during peak service, but it also acts as a demand suppressor when riders don’t want to pay exorbitant fees just to get home after work.
Lyft’s driver supply is the highest its been in three years (up more than 20% year-over-year) and the average hours per active driver has reached a new high above 2019 levels, according to a spokesperson for Lyft.
Risher noted that this has helped the share of rides affected by surge pricing drop down 35% from the first quarter.
At least in the short term, ditching surge pricing might serve as a differentiator for Lyft as it continues to compete with its so-called “big brother” Uber.
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