Lyft earnings report Q1 2023

Celebrity Gig


A Lyft decal is seen on a car in the pick-up area at JFK Airport on April 28, 2023 in New York City. 

Michael M. Santiago | Getty Images News | Getty Images

Lyft shares dropped nearly 15% in extended trading on Thursday after the ride-hailing company issued a weaker-than-expected forecast for the second quarter.

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

  • Loss per share: 7 cents adjusted vs. loss of 6 cents expected
  • Revenue: $1 billion vs. $981 million expected
READ ALSO:  What is Bluesky, the fast-growing social platform welcoming fleeing X users?

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

Lyft said it expects second-quarter sales of approximately $1.0 billion to $1.02 billion, while analysts were projecting $1.08 billion, according to Refinitiv.

Adjusted earnings before interest, taxation, depreciation and amortization will be $20 million to $30 million, the company said. Analysts in a Refinitiv survey on average were looking for EBIDTA of $49.3 million.

READ ALSO:  Sex, Signal messages and sabotaging FTX's code: SBF criminal trial

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

“We’re improving our rideshare service and are thrilled with the early results,” Lyft CEO David Risher said in a statement. “Riders are taking more rides and drivers have the power to earn more.”

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

READ ALSO:  Third Point is latest activist investor to take stake in Salesforce

Prior to the after-hours decline, Lyft shares had lost half their value in the past year.

WATCH: Lyft needs to stabilize higher for the stock to succeed long term

Lyft needs to stabilize higher for the stock to succeed long term, says Needham's Bernie McTernan

Categories

Share This Article
Leave a comment