Travelers arriving at Los Angeles International Airport look for ground transportation on the day of state-wide action, and ride-hailing service companies Uber and Lyft tell drivers in Los Angeles, California on August 20, according to California law. Requests that “basic employee rights” be granted. , 2020.
Mike Break | Reuters
Share Lyft Lost more than a quarter of its value in after-hours trading on Tuesday after the company provided light Second quarter guidance We warned investors that we need to continue investing in driver incentives.
The key numbers are:
- Profit per share: 7 Cents Adjustment vs. Analyst Refinitiv Survey Expected Loss of 7 Cents
- Revenue: $ 876 million vs. Refinitiv expects $ 846 million
- Active rider: Expected to be 17.8 million vs. 17.9 million per FactSet
- Revenue per active rider: Expected $ 49.18 and $ 47.07 according to StreetAccount
Lyft said it expects revenue of $ 950 million to $ 1 billion in the second quarter. Wall Street estimated $ 1.02 billion per Street Account.
In long-term trading, stock prices fell 27% to $ 22.50. If it opens on Wednesday, it will be Lyft’s lowest share price since October 2020.Bigger rivals UberIt reported quarterly earnings on Wednesday, but also plunged into Lyft results, dropping more than 9% after the market closed.
Lyft reported a quarterly net loss of $ 196.9 million, compared to a net loss of $ 427.3 million for the same period in 2021. The company said the loss included $ 163.2 million in equity-based compensation and associated payroll tax expenses.
The ride-hailing service company reported 17.8 million active riders, but there were few estimates. It’s also a decline from the fourth quarter, when Lyft said it had 18.73 million active riders.
Lyft has invested heavily in driver incentives during Covid’s pandemic and recovery. Driver supply seemed stable, but as gas prices soared across the country due to the Ukrainian war earlier this year, some investors need drivers to leave their platforms and companies need more incentives. I was afraid of that.
Lyft said in an analyst’s phone that he plans to invest more in driver subsidies next quarter, but believes it will help “reward in a healthier market.” It is unknown how much the company will spend.