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Lyft's Stock Falls After Revenue And Passenger Misses

Charlie Brooks

Nov 08, 2022 14:12

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On Monday, ride-hailing startup Lyft Inc (NASDAQ:LYFT) forecast current-quarter revenue below Wall Street estimates as user growth on its platform slowed, falling behind bigger rival Uber Technologies Inc (NYSE:UBER) and sending its shares down 13%.


According to FactSet, Lyft's active riders climbed by 7.2% to 20.3 million in the third quarter, which was the year's slowest quarterly growth and fell short of the consensus estimate of 21.3 million.


However, revenue per active rider increased by 13.7% to $51.88, representing the highest increase compared to the previous two quarters.


Uber holds a greater percentage of the ridesharing sector, has international operations, and revenues from its food delivery business.


After Uber reported a lucrative quarter and said last week that it was not seeing any signs of a consumer slump, there were high hopes for Lyft.


Rider expansion for Lyft is slowing.


"Lyft is losing market share to Uber because it lacks the cross-platform offering Uber has established with ride-sharing and Eats," said Nicholas Cauley, an analyst at Third Bridge.


On a post-earnings conference call, Lyft executives advised analysts that they were not observing any worrisome macro patterns heading into the fourth quarter, and that they were relying on cost-cutting measures and demand to enhance profitability and growth.


John Zimmer, the president of Lyft, said in an interview, "Historically, in a recessionary context, transportation is more resilient than delivery and takeout because we need to move about."


According to Refinitiv IBES statistics, the company expects fourth-quarter revenues between $1.15 billion and $1.17 billion, while analysts predict $1.17 billion.


As the company pays for driver insurance in the current quarter, it expects growing insurance prices to have a negative impact.


The business expected adjusted EBITDA (profits before interest, taxes, depreciation, and amortization), a profitability measure frequently monitored by investors, to range between $80 million and $100 million, compared to the $84.5 million predicted by analysts.


An analyst at D.A. Davidson, Tom White, said, "It's more of a cost-cutting victory than a growth one."

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