Air travelers walk toward a Lyft pickup area at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.
Mario Tama | Getty Images
Lyft shares fell greater than 20% during after-hours trading after issuing weak guidance in its earnings report on Thursday.
Listed here are the important thing numbers Lyft reported for its fiscal fourth quarter of 2022:
- Loss per share: 74 cents
- Revenue: $1.18 billion, vs. $1.16 billion, in accordance with analysts surveyed by Refinitiv
Lyft said it expects to make roughly $975 million in revenue within the fiscal first quarter of 2023, lower than the $1.09 billion analysts anticipated, in accordance with StreetAccount. Lyft also expects to make an adjusted EBITDA between $5 million and $15 million in the primary quarter.
“Our Q1 guidance is the results of seasonality and lower prices, including less Prime Time,” CFO Elaine Paul said in an announcement within the earnings release, referring to the period where there’s more demand from passengers than drivers and when the corporate can earn more. “Moreover, our different insurance renewal timing puts in a different way timed pressure on our P&L. We will not be waiting for that to normalize to realize competitive service levels. We’re focused on driving greater growth and profitability.”
The rideshare company recorded 20.3 million energetic riders within the third quarter, effectively flat from the third quarter but up 8.7% yr over yr. That figure also stays below pre-pandemic levels. Within the fourth quarter of 2019, for instance, Lyft had 22.9 million energetic riders.
The corporate reported a net lack of $588.1 million for the quarter, greater than twice the loss it posted within the year-ago quarter.
Lyft began its restructuring in November in an effort to scale back operating expenses because it continues to face macroeconomic challenges. It said the prices associated within the restructuring efforts don’t reflect the performance of Lyft’s ongoing operations, nevertheless.
Conversely, Uber reported earnings on Wednesday that beat analyst estimates. Uber posted its strongest quarter ever, with revenue up 49% yr over yr. It said the variety of energetic drivers on the road hit an all-time high through the quarter and that it surpassed 2 billion trips in a single quarter for the primary time.
