Lyft Inc LYFT shares are trading lower Wednesday after the company reported financial results and issued guidance below analyst estimates.
Lyft said first-quarter revenue increased 44% year-over-year to $875.6 million, which beat the $846 million estimate. The company reported a net loss of $196.9 million, which was improved from a net loss of $427.3 million in the prior year quarter.
Adjusted net income totaled $24.6 million versus the adjusted net loss of $114.1 million the company reported in the first quarter of 2021.
Lyft said it had 17.8 million active riders during the first quarter, which was up from 13.49 million in the prior year quarter, representing an increase of 31.9% year-over-year. Average revenue per active rider reached $49.18, up 9% year-over-year.
On the company's conference call, Lyft said it expects second-quarter revenue to be between $950 million and $1 billion versus the $1.02 billion estimate.
- Piper Sandler analyst Alexander Potter maintained Lyft with an Overweight rating and lowered the price target from $54 to $37.
- Wedbush analyst Ygal Arounian maintained Lyft with an Outperform rating and lowered the price target from $50 to $32.
- Citigroup analyst Itay Michaeli maintained Lyft with a Buy rating and lowered the price target from $78 to $65.
- RBC Capital analyst Brad Erickson maintained Lyft with an Outperform rating and lowered the price target from $50 to $42.
LYFT Price Action: Lyft shares are making new 52-week lows on Wednesday.
The stock was down 24.2% at $23.30 at time of publication.
Photo: courtesy of Lyft.
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