Lyft Earnings Report Q1 2023

lyft Shares fell nearly 15% in extended trading on Thursday after the ride-hailing company issued a weaker-than-expected second-quarter guidance.

Here’s how the company fared in the first quarter, according to analysts polled by Refinitiv:

• Loss per share: Adjusted 7 cents from an expected loss of 6 cents
• Revenue: $1 billion versus $981 million expected

Lyft reported a net loss of $187.6 million, or 50 cents a share, including stock-based compensation expense and related payroll costs of $186.6 million. In the year-ago period, the company lost $196.9 million, or 57 cents a share.

According to Refinitiv, Lyft expects revenue of about $1.0 billion to $1.02 billion in the second quarter, while analysts were forecasting $1.08 billion.

Adjusted earnings before interest, taxes, depreciation and amortization will be between $20 million and $30 million, the company said. Analysts averaged $49.3 million in EBITA in a Refinitiv survey.

Revenue increased 14% in the first quarter from $875.6 million a year earlier.

“We’re improving our ridesharing service and are excited with the early results,” Lyft CEO David Risher said in a statement. “Drivers are making more trips and drivers have the opportunity to earn more.”

Risher, a former retail executive at Amazon, took over as CEO last month after co-founders Logan Green, who was CEO, and John Zimmer said they were stepping down from their day-to-day roles at the company.

Before the after-hours drop, Lyft shares had lost half their value over the past year.

REGARD: Lyft needs to stabilize higher for the stock to thrive over the long term