Big Technology Podcast Lyft's New CEO Has a Plan To Compete — With David Risher
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Aug 9, 2023 David Risher, Lyft's new CEO, brings a wealth of experience from Amazon and Microsoft as he discusses revamping the ride-hailing company. He candidly addresses the financial missteps made during the pandemic and his strategic plans to regain market share. Risher also shares insights on the critical role of customer safety and feedback, as well as integrating innovative approaches from his Amazon days. The discussion touches on the future of autonomous driving and the importance of fostering meaningful social interactions through Lyft.
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Lyft's Struggles
- Lyft's stock dropped roughly 80% from its price at the end of 2019.
- The company suffered a $588 million loss in the last three months of 2022, more than doubling its 2021 loss.
Founders' Mistakes
- Lyft's founders struggled with decisions during COVID, including doubling down on rideshare at a time when demand was low.
- They also tried to increase profitability by raising prices and cutting driver pay, which led to market share loss.
Path to Profitability
- Increase ride volume by fairly basic ways, such as paying drivers fairly and charging riders in line with competitors.
- Cut costs significantly to move towards profitability.