Lyft shares soar more than 60% on earnings beat, guidance

1 yıl önce

Air travelers walk toward a Lyft pickup area at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California.

Mario Tama | Getty Images

Lyft shares soared more than 60% in extended trading on Tuesday after the ride-hailing company reported better-than-expected earnings and gave guidance that topped estimates.

Here's how the company did:

Earnings: 18 cents per share, adjusted, vs. 8 cents estimated by analysts, according to LSEG, formerly Refinitiv.Revenue: $1.22 billion, vs. $1.22 billion expected by analysts, according to LSEG.

Revenue increased 4% from $1.175 billion a year earlier, Lyft said.

Gross bookings for the first quarter will be $3.5 billion to $3.6 billion, topping analyst estimates of $3.46 billion, according to StreetAccount.

"Given these factors, along with our plans for slightly lower capital expenditures for 2024 relative to 2023, we anticipate that Lyft will generate positive Free Cash Flow for the full-year for the first time," Lyft said.

The company has struggled since its IPO in 2019, as it's bled cash to pay for drivers and compete with larger rival Uber. Even with Tuesday's after-hours pop, the stock is still more than 70% off its debut price.

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