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Lyft reports Q1 revenue beat but shares plunge 10% on weak outlook

AuthorDavit Kirakosyan
Published 2023-05-04, 04:48 p/m
© Reuters.

LYFT Inc (NASDAQ:LYFT) shares dropped more than 10% after-hours following the company’s reported Q1 results. EPS came in at ($0.50), worse than the consensus estimate of ($0.08).

Meanwhile, revenue grew 14% year-over-year to $1 billion, beating the consensus estimate of $981.71 million. Active riders grew 9.8% year-over-year, and revenue per active rider was up 4% year-over-year.

“We’re improving our rideshare service and are thrilled with the early results. Riders are taking more rides and drivers have the power to earn more,” said CEO David Risher, adding that the company’s focus on riders and drivers will be its strength as it builds a large-scale, healthy, and profitable business.

For Q2/23, the company expects revenue in the range of $1-1.02B, missing the consensus estimate of $1.08B. Adjusted EBITDA is seen at $20-$30M, with an adjusted EBITDA margin of 2%-3%.

By Davit Kirakosyan

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