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Lyft stock falls on earnings, outlook
Lyft (LYFT) shares fell sharply in after-hours trading after posting its fourth quarter results.
Revenue of $1.55 billion was about in line with the Bloomberg consensus estimate of $1.56 billion. Active riders and rides data were also in line with expectations.
For the first quarter, Lyft sees adjusted EBITDA of about $90 million to $95 million compared to the Wall Street estimate of $93.7 million. It sees gross bookings in a range of $4.05 billion to $4.2 billion which fell short of the $4.23 billion analysts had been expecting.
Lyft also announced a share buyback plan of up to $500 million.
Market Domination Overtime Anchors Josh Lipton and Julie Hyman recap Lyft’s results in the video above.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Stephanie Mikulich.
Lyft stock falls on earnings, outlook
Ridesharing giant Lyft saw its stock price tumble after reporting disappointing earnings and an uncertain outlook for the future. The company reported a wider-than-expected loss in the most recent quarter, as well as lower-than-anticipated revenue.
Investors were also concerned about Lyft’s outlook for the rest of the year, as the company warned of challenges ahead due to rising costs and increased competition in the ridesharing industry. Lyft’s stock fell more than 10% in after-hours trading following the earnings report.
The company’s struggles come as the ridesharing industry continues to face scrutiny over issues such as driver pay and safety concerns. Lyft’s main competitor, Uber, has also faced challenges in recent months, as both companies grapple with regulatory and legal battles around the world.
Despite the setbacks, Lyft remains optimistic about its long-term prospects and is focused on expanding into new markets and growing its user base. However, investors will be closely watching to see if the company can turn things around in the coming quarters.
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