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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Lyft Inc (NASDAQ: LYFT) reported a first-quarter FY21 revenue decline of 36% year-on-year $609 million, beating analyst consensus of $557.25 million. The revenue rose 7% on a quarter-on-quarter basis.
- Active riders declined 36.4% to 13.5 million, and Revenue per active rider rose 0.2% to $45.13.
- The contribution margin declined 190 basis points to 55.4%. However, it beat the company's outlook between 51% and 51.5%.
- Adjusted net loss rose 17.1% to $114.1 million, with adjusted net loss per share of $0.35, beating analyst consensus $0.54 loss.
- The company held $2.2 billion in cash and equivalents, and it used $79.4 million in operating cash flow.
- Negative adjusted EBITDA margin widened 310 basis points to 12%.
- The results meaningfully exceeded the company outlook driven by elevated demand across its network, CFO Brian Roberts said.
- Lyft is set up to win the transition to autonomous through its hybrid network of human drivers and AVs, advanced marketplace tech, and leading fleet management capabilities with the pending sale of its Level 5 self-driving division, President John Zimmer said.
- "We expect to build a significantly larger company by attacking the trillion-dollar plus market opportunity in front of us," said co-founder and CEO Logan Green said.
- Guidance: Lyft expects a Q2 adjusted EBITDA loss of $35 million to $45 million and a contribution margin of approximately 56.5% to 57.5%.
- Price action: LYFT shares traded higher by 5.34% at $59.19 in the premarket session on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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