Lyft’s shares surged in after-hours trading on Tuesday following the ride-hailing company’s announcement of better-than-expected earnings and optimistic guidance that exceeded analysts’ estimates. Initially, the stock jumped over 60% before experiencing a slight decline.
Here is a summary of Lyft’s performance:
– Earnings: Adjusted earnings of 18 cents per share, surpassing analysts’ expectations of 8 cents per share, as reported by LSEG (formerly Refinitiv).
– Revenue: $1.22 billion, in line with analyst projections, according to LSEG.
– Revenue saw a 4% increase from $1.175 billion in the previous year, as stated by Lyft.
For the first quarter, Lyft anticipates gross bookings in the range of $3.5 billion to $3.6 billion, exceeding analyst forecasts of $3.46 billion, as per StreetAccount.
“Given these positive developments and our plans to slightly reduce capital expenditures for 2024 compared to 2023, we expect Lyft to achieve positive Free Cash Flow for the full year for the first time,” Lyft stated.
Despite facing challenges since its IPO in 2019, including cash outflows to support drivers and compete with Uber, Lyft’s stock remains more than 70% below its initial listing price, even with the post-market gains on Tuesday.
Source (CNBC)
