The ride-hailing company Lyft has shown evidence of recovery from pandemics in its earnings report for the quarter that began Tuesday. The company outperformed on both the bottom and top lines and beat Wall Street’s expectations for rider satisfaction for the quarter.
Lyft’s shares Lyft’s stock increased by 7 percent during trading after hours in the wake of the report.
Here are the main numbers that Lyft has reported:
- The loss per share was 35 cents, as opposed to the 53 cents expected by analysts in a Refinitiv survey.
- The revenue was $609 million, compared to Refinitiv’s estimate of $558.7 million.
- Active users: 13.49 million vs. 12.8 million anticipated in the FactSet survey
- Revenue per active rider: $45.13 vs. $44.50 expected per FactSet
It’s hard for investors to evaluate year-to-year results from the company due to the fact that the COVID-19 pandemic started to be a problem in the last year and has severely limited travel. As an example, revenue is down 36% year-over-year over the previous year, but it has increased by 7.7% over last quarter’s fourth.
Transit companies are starting to recover from their lows during the pandemic as COVID vaccines are released and restrictions on interstate travel are lifted. This means that people are feeling more at ease returning to work and traveling. The company announced in March that it was expecting to report positive week-to-week growth in ride hailing over the course of the year and each week thereafter until the close of the year, except for a serious increase in coronavirus symptoms.
“We continue to believe there is still significant pent-up demand for mobility that will take time to play out,” CEO Logan Green said on a conference call with investors.
The company has reiterated its expectations that it will be profitable on an adjusted EBITDA basis within its third quarter. Lyft initially set a target of reaching the benchmark in the final quarter of this year. EBITDA is the term used to describe earnings before taxes, interest, and amortization, as well as depreciation.
Lyft reported the company’s net deficit of $427.3 million in the quarter, an increase from a loss of $398.1 million in the previous period a year earlier. The company stated that its loss included $180.7 million in stock-based compensation as well as payroll tax costs. Lyft stated that the net loss margin for its business was 70.2 percent, compared to 41.7 percent in the previous year.
The modified EBITDA losses were $73 million, which is approximately $62 million more than the latest forecast. The adjusted EBITDA loss margins for the period were 12%. This is in comparison to 8.9 percent in the initial quarter of 2020 and 26.3 percent during the 4th quarter of 2020.
Lyft has also provided the company’s second-quarter guidance and told investors that it anticipates revenues between $680 million and $700 million. This represents a 12% to 15% increase quarter over quarter and a 100% to 106% increase year over year.It is also expecting to limit the adjusted EBITDA loss to somewhere between $35 million and $45 million for the current quarter.
Software developers with names with a “white” sound could have more popularity on GitHub than those whose names are interpreted by users as “black,” “hispanic,” or “Asian-Pacific Islander,” as per the results of a study recently published.
The results, released earlier this month in IEEE Transactions on Software Engineering, are a serious concern regarding the implications of the absence of diversity on GitHub and within the open-source community generally.
Researchers from the University of Waterloo The University of Waterloo analysed more than 2 million contributions, also known as “pull requests,” made by the 365,607 developers who use GitHub. Researchers making use of an AI tool known as NamePrism, which analyses the names of people according to their perceived ethnicity and race, found that being seen by GitHub users as “white GitHub” generally improves a developer’s chances of being accepted. When compared to developers perceived to be Hispanic or Asian Pacific Islander, this increases the chances by 6 to 10%.
“Theoretically, it’s the only area where there is the possibility of having a complete meritocracy.” It’s rare to see someone working with open-source software. You’re unlikely to have seen them or had an opinion about them. “At most, you know their name.” Mei Nagappan, an assistant professor of computer science at the University of Waterloo who co-authored the study, explained
“A racial prejudice is still present, even in this context,” Nagappan said, considering the power that open-source communities like GitHub have on the development of products. “If we don’t listen to diverse voices, then it becomes software built by and for a very homogenous population,” Nagappan said.
It’s not just that; GitHub has evolved into a type of portfolio site for developers. This means this particular bias could negatively impact career opportunities for developers. “If you have contributions accepted to even one of the big projects, then as a newcomer, you could translate that to a successful career in a company,” Nagappan explained.
GitHub hasn’t responded to Protocol’s request for comments. The company also did not provide a response to the protocol’s request for comment. Nagappan explained that the aim of the research isn’t just to focus on GitHub specifically but to address the issues within the open-source community in general. Nagappan explained that these findings build on previous research that found female developers on GitHub have lower acceptance rates of acceptance.Acceptance rates have also been observed to differ based on the country of origin of the developers.
He explains that the NamePrism tool used by his team does not have the highest accuracy in predicting people’s race or ethnicity.Researchers did not assign a race or ethnicity to developers in cases where the tool had an extremely high degree of confidence. For the rest, they classified the developer’s race as “unknown.”
Although the Waterloo researchers did not shy away from the possibility of attributing this racism on GitHub to a specific reason, they did discover that an overwhelming majority of the developers who submit ideas to GitHub and the majority of people who respond to their contributions are identified by names that researchers believed were white. Additionally, they discovered those developers viewed as black, Hispanic, or Asian-Pacific Islanders are more likely to receive pull requests when the people who respond to them belong to the same ethnic or racial group.
To eliminate this potential bias, researchers suggest that GitHub use a double-blind or single-blind model that is similar to the way research is evaluated in academia. Another suggestion is to have multiple people evaluate a particular researcher’s contribution so that bias from one person does not interfere.
The issue of how the perceptions of race influence the online interactions of people isn’t just a matter for GitHub. In the year 2000, Airbnb launched a research project known as “Project Lighthouse” that also aimed to examine how racial prejudice occurs on the site and the role that the names of users can play in influencing others’ opinions.
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