Lyft stock is getting punished, down more than 30% after weak guidance

Shares of Lyft are acceptable to driblet 30% Friday, a time aft the institution reported guidance for its archetypal 4th of 2023 that fell abbreviated of expert expectations.

The institution expects to marque astir $975 cardinal successful gross successful Q1, portion analysts had been anticipating $1.09 billion, according to StreetAccount.

Lyft's CFO pointed to "seasonality and little prices" to explicate the guidance.

Lyft posted a gross bushed of $1.18 cardinal for the 4th fourth of 2022, compared to the $1.16 cardinal analysts were expecting, according to Refinitiv. It besides reported an adjusted nonaccomplishment per stock of 74 cents.

Wall Street noticed the opposition betwixt Lyft's study and Uber's earnings.

"Our affirmative thesis connected Lyft had been based connected post-pandemic betterment combined with an accelerated displacement to nett done outgo rationalization. However, rideshare is present approaching afloat betterment successful the US, but Lyft is not," JPMorgan's Doug Anmuth said. It was deed with respective downgrades from JPMorgan, KeyBanc, Loop Capital, Truist,

Rival Uber, by contrast, posted its strongest 4th ever successful its earnings report earlier successful the week, sending its banal up.

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