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Coronavirus Update: Lyft, Vroom, and 3M Updates on COVID Impact

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Good morning, it’s Thursday, August 13. Here’s your daily coronavirus update. 

There are over 20.6 million cases of the virus worldwide, with over 749,000 deaths.

According to Johns Hopkins, the U.S. has surpassed 5.1 million cases with over 166,000 deaths.

According to the COVID-19 Tracking Project, there were 56,035 new cases reported Wednesday. 479,048 new tests were reported. And 1,503 deaths were reported yesterday.

Lyft's Earnings

Lyft reported a 61% drop in revenue during the second quarter amid prolonged shutdowns from the coronavirus pandemic. Lyft said active riders plunged 60% year over year.

In a statement, Lyft CEO Logan Green said, “While ride-share rides in the quarter were down significantly year over year, we are encouraged by the recovery trends we are beginning to see, with monthly ride-share rides in July up 78% compared to April.”

3M July Sales Update

And then 3M reported July sales that rose 6% from the same period in 2019, coming in at a stronger-than-expected $2.8 billion. North American sales rose 10%, while European sales were up 3%. Health Care revenues lead the gains, 3M said, rising 29%, while consumer and safety and industrial sales rose 9% and 6% respectively.

Vroom's Earnings

And then Vroom CEO Paul Hennessy said the company is seeing a 'profound shift in buying preferences' towards lower-priced cars in the post-pandemic economy.

Vroom said it plans to accelerate its shift towards the sale of lower-priced cars, echoing post-pandemic demand changes, and as a result sees sales in the region of $268 million to $290 million, which came in short of the Refinitiv forecast of $344.6 million.

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

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