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A Lyft sticker is seen on a vehicle in the pick-up area at JFK Airport on April 28, 2023 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
Lift Shares fell nearly 15% in extended trading Thursday after the passenger carrier issued a weaker-than-expected forecast for the second quarter.
Here’s what the company did in the first quarter, according to analysts surveyed by Refinitiv:
- share loss: 7 cents adjusted against the expected loss of 6 cents
- he won: $1 billion versus the expected $981 million
Lyft reported a net loss of $187.6 million, including share-based compensation costs and related salary expenses of $186.6 million. In the same period last year, the company lost $196.9 million.
Lyft said it expects second-quarter sales of roughly $1.0 billion to $1.02 billion, while analysts expect $1.08 billion, according to Refinitiv.
The company said adjusted EBITDA would be between $20 million and $30 million. Analysts in the Refinitiv poll, on average, were looking for an EBIDTA of $49.3 million.
Revenue in the first quarter rose 14% from $875.6 million a year earlier.
“We are working to improve our ride-sharing service and are pleased with the initial results,” Lyft CEO David Risher said in a statement. “Riders take more rides and drivers have the potential to earn more.”
Resher, a former Amazon retail executive, took over as CEO 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.
Before the after-hours slump, Lyft shares lost half their value in the past year.
He watchesLyft: Lyft needs to achieve higher stability for the stock to succeed in the long term
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