Lyft Reports First-Quarter Earnings, Misses on EPS but Beats on Revenue
Lyft, Inc. (LYFT) released its first-quarter financial results after the market close on Tuesday, May 9th, 2023. The company reported a loss of 8 cents per share, falling short of analyst expectations of 3 cents per share. However, Lyft exceeded revenue expectations, with sales of $1.28 billion, surpassing the $1.16 billion analyst consensus estimate by 10.02%. This represents a 27.59% increase compared to the same period last year.
Gross bookings for the first quarter reached $3.7 billion, reflecting a 21% year-over-year growth. CEO David Risher expressed optimism about the company's performance, stating, "Lyft is off to a strong start in 2024. We are executing well and bringing much-needed innovation to the market. That’s why drivers and riders are choosing Lyft more often.” Risher also highlighted the company's focus on customer satisfaction, noting, “After a year in the driver’s seat at Lyft I’m thrilled to see all the ways that our customer obsession drives profitable growth.”
Looking ahead, Lyft anticipates second-quarter gross bookings between $4 billion and $4.1 billion, adjusted EBITDA of $95 million to $100 million, and an adjusted EBITDA margin of approximately 2.4%. The company remains confident in its ability to generate positive free cash flow for the full year.
Following the earnings release, Lyft shares experienced an after-hours surge, rising 4.34% to $17.32 at the time of publication.