'Lyft To Expand Its Ad Business As New CEO Eyes A Turnaround' - WSJ
Portfolio Pulse from Happy Mohamed
Lyft is expanding its advertising business by introducing new ad products and serving display ads on its app. The company also plans to incorporate video ads and expand other ad products such as in-car screens. This move comes as Lyft and its competitor Uber have seen gains from their advertising businesses. Lyft's ad revenue grew 400% YoY in Q2, but the company has not disclosed the exact figures. The company has partnered with adtech company Rokt and measurement firm Kantar to enhance its advertising business.
August 10, 2023 | 12:03 pm
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POSITIVE IMPACT
Lyft's expansion into the advertising business and its partnerships with Rokt and Kantar could provide a new revenue stream and help the company diversify beyond its core ride-share service. This could potentially have a positive impact on Lyft's stock.
Lyft's move to expand its advertising business could attract more advertisers and generate additional revenue, which could positively impact its financial performance and, in turn, its stock price. The partnerships with Rokt and Kantar could enhance Lyft's advertising capabilities and make it more attractive to advertisers.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100