The Lyft logo is shown on a screen at Nasdaq’s offices in Times Square on March 29, 2019 in New York City.
Don Emmert | AFP | Getty Images
Actions Elevator is set to drop 30% on Friday, a day after the company released guidance for the first quarter of 2023 that missed analysts’ expectations.
The company expects to generate about $975 million in revenue in the first quarter, while analysts were expecting $1.09 billion, according to StreetAccount.
Lyft’s CFO pointed to “seasonality and lower prices” to explain the guidance.
According to Refinitiv, Lyft posted revenue of $1.18 billion in the fourth quarter of 2022, compared with the $1.16 billion that analysts had expected. It also reported an adjusted loss per share of 74 cents.
Wall Street noted the contrast between Lyft’s report and Uber’s earnings.
“Our positive case for Lyft was based on the post-pandemic recovery coupled with an accelerated transition to profitability through cost rationalization. However, ride-sharing is now approaching a full recovery in the U.S., while Lyft is not,” said JPMorgan’s Doug Anmuth. It was hit by several downgrades from JPMorgan, KeyBanc, Loop Capital, Truist,
Rival Uberconversely, posted its strongest quarter ever in its earnings report earlier in the week, sending stocks soaring.
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