Lyft Earnings Report Q1 2023

A Lyft sticker is seen on a car in the JFK Airport pickup area on April 28, 2023 in New York City.

Michael M Santiago | Getty Images News | Getty Images

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

Lyft needs to stabilize higher for the stock to be successful over the long term, says Needham's Bernie McTernan Lyft Earnings Report Q1 2023

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