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Tuesday Ticker: March 30, 2021

Toronto, Ontario ⁠— Boyd unveils its 2020 financial results, Elon Musk makes moves to accept crypto-cash and Lyft shares its sunny outlook for the months ahead in this week’s Tuesday Ticker.

Boyd’s books

Boyd Group Services has announced its financial results for the full-year ended Dec. 31, 2020, revealing that company saw same-store sales fall 15.6 percent in 2020.

The company said Canada suffered a great impact due to the “slower economic reopening and more significant restrictions in place when compared to the U.S.” Boyd estimated that almost 90 percent of its revenue comes from the U.S., and O’Day said the majority of that is tied to Gerber Collision rather than its American claim or glass businesses.

Overall, Boyd reported sales of US$2.1 billion, down 8.5 percent. 

More Musk musings

Tesla customers can now buy the automaker’s EVs with bitcoin, CEO Elon Musk said last Wednesday.

“You can now buy a Tesla with bitcoin,” Musk said on Twitter, adding that the option would be available outside the United States later this year.

The electric-car maker said last month it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for cars, in a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.

Bitcoin rose more than four percent following Musk’s tweet.

Lyft calls on law of attraction

Lyft issued a press release last week to announce the ride-sharing company expects positive weekly growth in its ride-share segment beginning this week through the end of 2021⁠—south of the U.S./Canada border, at least. 

The company said its app-based ride volumes for the week of March 12 were the highest recorded since March 2020. For this week, Lyft expects volumes to as much as double compared to a year earlier.

The company credits its positive outlook to the fact that more than 22 percent of the U.S. population has received at least the first dose of the COVID vaccine, with over 110 million doses administered. 

In Canada, 3,487,915 people⁠—just over nine percent of the population⁠—have received at least one dose of a COVID-19 vaccine.

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