Lyft shares tank 20% after company issues weak guidance

Lyft shares fell much than 20% during aft hours trading aft issuing anemic guidance successful its net study connected Thursday.

Here are the cardinal numbers Lyft reported for its fiscal 4th fourth of 2022:

• Loss per share: 74 cents
• Revenue: $1.18 billion, vs. $1.16 billion, according to analysts surveyed by Refinitiv

Lyft said it expects to marque astir $975 cardinal successful gross successful the fiscal archetypal 4th of 2023, little than the $1.09 cardinal analysts anticipated, according to StreetAccount. Lyft besides expects to marque an adjusted EBITDA betwixt $5 cardinal and $15 cardinal successful the archetypal quarter.

"Our Q1 guidance is the effect of seasonality and little prices, including little Prime Time," CFO Elaine Paul said successful a connection successful the net release. "Additionally, our antithetic security renewal timing puts otherwise timed unit connected our P&L. We are not waiting for that to normalize to execute competitory work levels. We are focused connected driving greater maturation and profitability."

The rideshare institution recorded 20.3 cardinal progressive riders successful the 3rd quarter, efficaciously level from the 3rd 4th but up 8.7% twelvemonth implicit year. That fig besides remains beneath pre-pandemic levels. In the 4th fourth of 2019, for example, Lyft had 22.9 cardinal progressive riders.

The institution reported a nett nonaccomplishment of $588.1 cardinal for the quarter, much than doubly the nonaccomplishment it posted successful the year-ago quarter.

Lyft began its restructuring successful November successful an effort to trim operating expenses arsenic it continues to look macroeconomic challenges. It said the costs associated successful the restructuring efforts don't bespeak the show of Lyft's ongoing operations, however.

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