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{"id":30931,"date":"2023-05-04T21:38:18","date_gmt":"2023-05-04T21:38:18","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/05\/04\/lyft-shares-tumble-as-investors-react-to-dim-outlook\/"},"modified":"2023-05-04T21:38:19","modified_gmt":"2023-05-04T21:38:19","slug":"lyft-shares-tumble-as-investors-react-to-dim-outlook","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/05\/04\/lyft-shares-tumble-as-investors-react-to-dim-outlook\/","title":{"rendered":"Lyft shares tumble as investors react to dim outlook"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/04\/lyft-shares-tumble-as-investors-react-to-dim-outlook\/<\/a><\/br>
\nLyft shares tumble as investors react to dim outlook<\/br>
\n2023-05-04 21:38:18<\/br><\/p>\n

\n

Lyft shares tanked as much as 12% moments after the company reported first-quarter earnings as investors placed more weight on a dim outlook and lower quarter-over-quarter revenue than other financial gains.\u00a0<\/span><\/p>\n

Shares have since stabilized in after-hours trading, now trading down about 10%.\u00a0\u00a0<\/span><\/p>\n

Lyft beat both its own revenue expectations and Wall Street\u2019s, but it wasn\u2019t enough to assuage investors focused on the ride-hailing company\u2019s future.\u00a0<\/span><\/p>\n

The company closed the first quarter of the year with $1 billion in revenue, up 14% from the same quarter last year. It should be noted that its Q1 revenue is lower than $1.2 billion it generated in Q4. Analysts had expected $977 million for the first quarter, and <\/span>the company promised $975 million<\/span><\/a> in February.\u00a0<\/span><\/p>\n

That revenue gain is on top of a net loss of $187.6 million, a 4.7% improvement from the $196.9 million it lost in the same period last year. It\u2019s also significantly better than the $588.1 million in net losses posted in the fourth quarter of 2022. Lyft attributed much of that loss in Q4 to $201.3 million of stock-based compensation and related payroll tax expenses.<\/span><\/p>\n

On an adjusted basis, Lyft earned $22.7 million, compared to $54.9 million a year ago. It is an improvement from the adjusted loss of $248.3 million in the fourth quarter of 2022.\u00a0<\/span><\/p>\n

The company\u2019s operating cash flow was in negative territory for the quarter with a loss of\u00a0 $188 million. Lyft closed out the quarter with cash and cash equivalents of $509.6 million, an increase from $281 million last quarter.<\/span><\/p>\n

Lyft issued guidance for the second quarter of about $1 billion to $1.02 billion, an indication that the company is not expecting much growth in the coming quarter. On an adjusted EBITDA basis, Lyft expects to earn between $20 million and $30 million, with an adjusted margin of 2% to 3%.\u00a0<\/span><\/p>\n

Notably, the company did not issue guidance for the full year, a move that can suggest the company is uncertain about its future or an expectation of changes to come.\u00a0<\/span><\/p>\n

The first quarter has been a tumultuous one for Lyft as the company brought on a <\/span>new CEO and president<\/span><\/a>, issued<\/span> layoffs for 26% of its staff<\/span><\/a> and dropped certain offerings like <\/span>shared rides<\/span><\/a>. David Risher, the former Amazon executive who took over for co-founders Logan Green and John Zimmer, said he wanted Lyft to focus on the <\/span>basics of ride-hail<\/span><\/a>. Given these cost cutting measures and the coming of warmer seasons, which are usually a boon for the ride-hail industry, investors might be put off by second quarter revenue guidance that mirrors the first quarter.\u00a0<\/span><\/p>\n

During Lyft\u2019s earnings call Thursday, analysts and investors will want to know how the new leader will help Lyft continue to compete with Uber. The ride-hail competitor <\/span>beat analysts\u2019 expectations<\/span><\/a> and demonstrated strong financial footing due to its business model that spans across ride-hail and delivery.\u00a0<\/span><\/p>\n

Meanwhile, Lyft has been cutting away the extra fat off its business since last year when it <\/span>closed down its car rental scheme<\/span><\/a>. This quarter, the company is also shutting down its Fleet products focused on personal car ownership and is spinning off Loop, the company\u2019s cloud infrastructure, into a standalone business. Loop was operating in stealth mode and had a single-digit team, according to a Lyft spokesperson.\u00a0<\/span><\/p>\n

Lyft didn\u2019t share much in the way of updates about its bikeshare business. Risher only reiterated the company\u2019s plan to create more of a cross-pollinating ecosystem between bikeshare and ride-hail, but didn\u2019t get into specifics. That side of the business is also expected to see some cuts as it gets \u201cleaner and more focused,\u201d according to an April blog post<\/a> from the company.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/05\/04\/lyft-shares-tumble-as-investors-react-to-dim-outlook\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/04\/lyft-shares-tumble-as-investors-react-to-dim-outlook\/ Lyft shares tumble as investors react to dim outlook 2023-05-04 21:38:18 Lyft shares tanked as much as 12% moments after the company reported first-quarter earnings as investors placed more weight on a dim outlook and lower quarter-over-quarter revenue than other financial gains.\u00a0 Shares have since stabilized in after-hours trading, now trading down about 10%.\u00a0\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":30932,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-30931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nLyft shares tumble as investors react to dim outlook - 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