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Lyft Shares Ride Higher on Earlier-Than-Expected Profit Forecast

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This article was originally published on ETFTrends.com.

Lyft shares got a lift from an earlier-than-expected profit forecast after startup co-founders Logan Green and John Zimmer said the ridesharing company could churn a profit by the year 2021. Shares of Lyft jumped as high as 8% in Tuesday’s trading session.

“The company has never been stronger and we’ve been performing incredibly well,” Green said at The Wall Street Journal’s WSJ Tech D.Live conference. “We’re going to be profitable on an adjusted EBITDA basis a year before analysts expect us to. We’re going to hit this target in Q4 2021.”

Lyft made its IPO debut back in March, but with no clear path to profit, shares of the company stumbled. Since then, however, more analysts have been optimistic that Lyft could show a profit, such as investment firm Guggenheim projecting that Lyft could become profitable in 2021 as opposed to 2023.

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