Lyft reports $1bn in review but shares fall 4%.
Black and White
Ride-hailing major Lyft reported some good news, but that didn’t stop its shares falling by more than 4%.
Lyft’s Q1 numbers included more than $1bn in revenue against $356m in losses in the previous quarter. But markets were unimpressed sending the company’s stock down following the release of the results. Uber, Lyft’s top competitor, showed that it was moving up the profitability ladder in its recently released Q4 results. Investors are unsure if Lyft can keep up or even meet its target of turning profitable by late 2021. [MarketWatch]
In A Beijing Minute
A sensational Wall Street Journal report claims that what has widely been rumoured is actually true – that Chinese tech giant Huawei can access networks it helped build that are being used by mobile phones around the world. The backdoors that gave Huawei access were designed for law enforcement officials.
Given that Chinese tech was less-expensive, it was too tempting an option to be turned down for many countries – but this came “with a price”, which was giving Huawei the “capability to access sensitive and personal information in systems it maintains and sells around the world”, as per Robert O’Brien, America’s National Security Advisor.
The report quoted top US officials, who say intelligence sources have shown Huawei had this secret capability for more than a decade. [CNET]
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.