Monday, March 4, 2024
HomeFinancialLyft earnings Q1 2022

Lyft earnings Q1 2022


A traveler arriving at Los Angeles Worldwide Airport seems for floor transportation throughout a statewide day of motion to demand that ride-hailing firms Uber and Lyft observe California legislation and grant drivers “primary worker rights” in Los Angeles, California, U.S., August 20, 2020.

Mike Blake | Reuters

Shares of Lyft misplaced greater than 1 / 4 of their worth in after-hours buying and selling Tuesday after the corporate offered gentle second-quarter guidance and warned buyers it must maintain spending on driver incentives.

Listed below are the important thing numbers:

  • Earnings per share: 7 cents adj. vs lack of 7 cents anticipated in a Refinitiv survey of analysts
  • Income: $876 million vs $846 million anticipated by Refinitiv
  • Lively riders: 17.8 million vs 17.9 million anticipated, per FactSet
  • Income per lively rider: $49.18 vs $47.07 anticipated, in accordance with StreetAccount

For the second quarter, Lyft stated it expects income between $950 million and $1 billion. Wall Road was estimating $1.02 billion, per StreetAccount.

The inventory fell 27% to $22.50 in prolonged buying and selling. Ought to it open there on Wednesday, it is going to be the bottom inventory worth for Lyft since October 2020. Bigger rival Uber, which studies quarterly earnings on Wednesday, additionally plunged on Lyft’s outcomes, dropping greater than 9% after markets closed.

Lyft reported a web loss for the quarter of $196.9 million versus a web lack of $427.3 million in the identical interval of 2021. The corporate stated its loss included  $163.2 million of stock-based compensation and associated payroll tax bills.

The ride-hailing firm reported 17.8 million lively riders, narrowly lacking estimates. It is also a decline from the fourth quarter when Lyft stated it had 18.73 million lively riders.

Lyft closely invested in driver incentives throughout the Covid pandemic and restoration, which has weighed on financials. The provision of drivers had appeared to stabilize however as gasoline costs shot up throughout the nation as a result of warfare in Ukraine earlier this yr, some buyers feared drivers would go away their respective platforms and firms must enhance their incentives.

Lyft stated throughout its analyst name it is going to be investing extra in driver subsidies within the coming quarter, although it believes that can assist “repay in a more healthy market.” It is unclear how a lot the corporate will spend.

Subscribe to CNBC on YouTube.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments