The Lyft logo is shown on a screen at the Nasdaq offices in Times Square on March 29, 2019 in New York.
Don Emmert | AFP | Getty Images
shares of Lyft fell more than 35% when the market opened on Friday, a day after Company Rexported guidance That fell short of analyst expectations for its first quarter of 2023.
According to StreetAccount, the company is expected to post revenue of around $975 million in Q1, while analysts were expecting $1.09 billion.
Lyft’s CFO pointed to “seasonality and lower prices” to explain the guidance.
Lyft posted a revenue beat of $1.18 billion for the fourth quarter of 2022, compared with the $1.16 billion analysts were expecting, according to Refinitiv. It also posted earnings of 29 cents per share, adjusted, versus the 13 cents per share expected in a Refinitiv survey of analysts.
saw wall street Contrast between Lyft’s report and uber earnings,
JP Morgan’s Doug Anmuth said, “Our positive thesis on Lyft was based on a post-pandemic recovery combined with a quick turnaround in profitability through cost rationalization. While rideshare is now fully recovering in the US, Lyft is not.” It was hit with multiple downgrades from JP Morgan, KeyBanc, Loup Capital and Truist,
rival UberIn contrast, posted its strongest quarter ever income report At the beginning of the week, sending your stock up.