A Lyft decal is seen on a automobile within the pick-up space at JFK Airport on April 28, 2023 in New York City.Â
Michael M. Santiago | Getty Images News | Getty Images
Lyft shares dropped almost 15% in prolonged buying and selling on Thursday after the ride-hailing firm issued a weaker-than-expected forecast for the second quarter.
Here’s how the corporate did within the first quarter, based on analysts surveyed by Refinitiv:
- Loss per share: 7 cents adjusted vs. lack of 6 cents anticipated
- Revenue: $1 billion vs. $981 million anticipated
Lyft reported a web lack of $187.6 million, together with stock-based compensation prices and associated payroll bills of $186.6 million. In the year-ago interval, the corporate misplaced $196.9 million.
Lyft mentioned it expects second-quarter gross sales of roughly $1.zero billion to $1.02 billion, whereas analysts had been projecting $1.08 billion, based on Refinitiv.
Adjusted earnings earlier than curiosity, taxation, depreciation and amortization will likely be $20 million to $30 million, the corporate mentioned. Analysts in a Refinitiv survey on common had been searching for EBIDTA of $49.three million.
Revenue within the first quarter rose 14% from $875.6 million a 12 months earlier.
“We’re improving our rideshare service and are thrilled with the early results,” Lyft CEO David Risher mentioned in an announcement. “Riders are taking more rides and drivers have the power to earn more.”
Risher, a former retail government at Amazon, took over the CEO job final month after co-founders Logan Green, who was CEO, and John Zimmer mentioned they might step again from their day-to-day roles on the firm.
Prior to the after-hours decline, Lyft shares had misplaced half their worth previously 12 months.
WATCH: Lyft needs to stabilize higher for the stock to succeed long term