Lyft reported fourth-quarter results after the bell on Tuesday. It beat estimates on adjusted earnings per share and income however mentioned it had fewer energetic riders than within the prior quarter.
Shares have been down greater than 6% in after hours buying and selling after executives mentioned the omicron coronavirus variant would weigh on first quarter numbers.
Listed here are the important thing numbers:
- Earnings per share: 9 cents, adjusted, vs 8 cents anticipated in a Refinitiv survey of analysts
- Income: $970 million vs $940.1 million anticipated by Refinitiv
- Lively riders: 18.73 million vs 20.2 million anticipated, per StreetAccount
- Income per energetic rider: $51.79 vs $46.54 anticipated, in keeping with StreetAccount
Lyft reported 18.73 million energetic riders within the final quarter of 2021, up practically 50% year-over-year however in need of StreetAccount analyst expectations of 20.2 million riders for the quarter. It is a decline from the third quarter when Lyft mentioned it had 18.94 million active riders and never fairly again to pre-pandemic ranges. Lyft reported 22.9 million energetic riders within the fourth quarter of 2019, for instance.
Lyft is anticipating the omicron surge of the Covid-19 pandemic to decrease first quarter ends in 2022. It expects Q1 income between $800 million and $850 million. Analysts anticipated steerage of $989.9 million, per StreetAccount.
The corporate did not present actual steerage on energetic rider projections, except for saying it expects rides to say no barely quarter-over-quarter. Analysts count on the corporate to report 21.7 million energetic riders within the first quarter of 2022, in keeping with StreetAccount steerage.
“Regardless of short-term headwinds from omicron, we stay optimistic about full-year 2022,” Lyft’s new CFO Elaine Paul mentioned in a press release. Nonetheless, the tempo of restoration is unsure.
Lyft income jumped 12% quarter-over-quarter to $969.9 million. That is up 70% year-over-year because of straightforward comparables because of the Covid-19 pandemic. It additionally famous file income per energetic rider of $51.79, which is up 14% year-over-year.
Lyft reported a internet loss for the quarter of $258.6 million versus a internet lack of $458.2 million in the identical interval of 2020. The corporate mentioned its loss included $164.2 million of stock-based compensation and associated payroll tax bills.
Lyft once more posted an adjusted EBITDA (earnings earlier than curiosity, taxes, depreciation and amortization) revenue of $74.7 million. Within the prior quarter, Lyft reported adjusted EBITDA of $67.3 million.
The corporate has struggled with driver provide and demand imbalances all through the pandemic, resulting in larger prices or lengthy wait instances.
CEO Logan Inexperienced mentioned throughout the name with buyers that Lyft sustained driver restoration within the quarter. Experience ETAs improved by roughly 30% throughout all of its working markets. Lively drivers hit a brand new pandemic excessive, Paul added, who’re anticipated to keep up regardless of the omicron variant.
One other key marker of restoration, Lyft mentioned airport rides greater than doubled within the quarter in comparison with final 12 months.