Lyft 'expecting price cuts to drive customer conversions,' says analyst

Lyft's (LYFT) second-quarter earnings topped analyst estimates, as did the active riders numbers. Needham & Company Managing Director Bernie McTernan calls the results "strong" saying the "company expects to expand margins" in the coming quarter. McTernan explains that his company's pricing tracker shows Lyft prices at 20% lower than Uber (UBER), saying "it's really the price cuts that they did in the beginning of the year" that will help drive users to switch from Uber to Lyft.