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 fell nearly 15% on Thursday after the ride-hailing company issued a weaker-than-expected forecast for the second quarter.
Here’s how the company performed in the first quarter, according to analysts surveyed by Refinitiv:
- Loss per share: 7 cents adjusted versus expected loss of 6 cents
- Income: $1 billion vs. $981 million expected
Lyft reported a net loss of $187.6 million, which includes stock-based compensation costs and related payroll expenses of $186.6 million. The company had posted a loss of $196.9 million in the year-ago period.
Lyft said it expects second-quarter sales of about $1.0 billion to $1.02 billion, while analysts were estimating $1.08 billion, according to Refinitiv.
The company said adjusted earnings before interest, taxation, depreciation and amortization would be $20 million to $30 million. Analysts in a Refinitiv survey were looking for EBIDTA of $49.3 million on average.
Revenue in the first quarter increased 14% from $875.6 million a year ago.
“We’re continuing to improve 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 more earning power.”
Risher, a former retail executive at Amazon, took over as CEO Last month co-founders Logan Green, who was CEO, and John Zimmer said they would step back from their day-to-day roles at the company.
Lyft shares had lost half their value over the past year, before the after-hours decline.
Watch, Lyft needs to stabilize higher for the stock to be successful over the long term