Lyft craters, dragging down Uber as driver supply stirs profit concern

Jackie Davalos
Bloomberg

More people may be once again hailing a ride from Uber and Lyft, but investors remain wary that efforts to woo back more drivers could derail profitability goals.

Lyft plunged as much as 35%, the most ever, dragging Uber down more than 12% after both companies reported quarterly results that pointed to strong demand for rides, but failed to reassure Wall Street that a driver shortage that's cost the companies hundreds of millions of dollars in bonuses was abating.