The company expects to make about $975 million in revenue in Q1, while analysts had been anticipating $1.09 billion, according to StreetAccount.
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Lyft’s CFO pointed to “seasonality and lower prices” to explain the guidance.
Lyft posted a revenue beat of $1.18 billion for the fourth quarter of 2022, compared to the $1.16 billion analysts were expecting, according to Refinitiv. It also reported an adjusted loss per share of 74 cents.
“Our positive thesis on Lyft had been based on post-pandemic recovery combined with an accelerated shift to profit through cost rationalization. However, rideshare is now approaching full recovery in the US, but Lyft is not,” JPMorgan’s Doug Anmuth said. It was hit with several downgrades from JPMorgan, KeyBanc, Loop Capital, Truist,