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Investing.com -- Lyft (NASDAQ:LYFT) stock rose 2.5% on Tuesday after Bloomberg reported the company launched its rideshare service in Puerto Rico, expanding its footprint in North America.
The San Francisco-based ride-hailing company began recruiting drivers in late May in Puerto Rico, offering $100 bonuses to those who complete 50 rides in their first month operating in San Juan, the island’s capital.
In a Bloomberg interview, Jeremy Bird, Lyft’s executive vice president overseeing driver experience and international expansion, cited strong demand from both locals and tourists as a key factor in the decision to enter the market.
"There’s obviously a deep connection between many folks who are in mainland in the United States who have connections in Puerto Rico," Bird said. He noted that since the company began its driver recruitment efforts, the number of people checking the Lyft app in Puerto Rico has increased by more than 30%.
The company does not currently maintain a corporate office in Puerto Rico but may establish one in the future as it expands various business functions to the island, including driver operations and airport teams.
This Puerto Rico launch represents Lyft’s latest move in its broader expansion strategy across North America and Europe, adding to its existing presence in the United States and Canadian cities like Toronto and Montréal.
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