A Lyft sticker on a car in the pickup area at JFK Airport in New York City on April 28, 2023.
Michael M. Santiago | Getty Images News | Getty Images
lift Shares fell nearly 15% in extended trading on Thursday after ride-hailing companies released weaker-than-expected second-quarter forecasts.
According to analysts surveyed by Refinitiv, the company’s first quarter results were as follows:
- Loss per share: Adjusted 7 cents vs. projected 6 cents loss
- Earnings: $1 billion vs. $981 million forecast
Lyft’s net loss was $187.6 million, or 50 cents per share, which includes stock-based compensation expense and related personnel costs of $186.6 million. In the same period last year, the company lost his $196.9 million, or 57 cents per share.
According to Refinitiv, Lyft expects second-quarter revenue of about $1 billion to $1.02 billion, while analysts expected $1.08 billion.
The company said its adjusted earnings before interest, taxes, depreciation and amortization would be between $20 million and $30 million. Analysts who participated in Refinitiv’s survey said on average he was seeking his EBIDTA of $49.3 million.
First quarter revenues increased 14% from $875.6 million in the prior year period.
Lyft CEO David Risher said in a statement: “Riders are taking more rides and drivers are earning more money.”
Risher, a former Amazon retail executive, said John Zimmer would step down from his day-to-day role at the company, taking over the CEO role after co-founder Logan Green took over last month.
Before the after-hours drop, Lyft’s stock had lost half its value over the past year.
clock: Lyft needs to stabilize at higher standards for long-term success
