Lyft Shares Take a 36% Hit on Missed Q4 Earnings and Disappointing Outlook
<p><a href='https://financialmodelingprep.com/financial-summary/LYFT'>Lyft (NASDAQ:LYFT)</a> shares plunged more than 36% on Friday after the company reported a surprise Q4 miss and worse-than-expected outlook. Q4 adjusted EPS was ($0.74), compared to the Street estimate of $0.15. Revenue came in at $1.18 billion, compared to the Street estimate of $1.15 billion. For Q1/23, the company anticipates revenue of $975 million, worse than the Street estimate of 1.09 billion.</p>
<p>Despite supply levels meaningfully improving quarter-over-quarter, there appears to be currently insufficient demand to offset lower trending prime time (pricing). It also appears that the company's decision to offset insurance cost inflation with a service fee increase has resulted in increased share losses to Uber. Moreover, the resulting removal of the fee increase is impacting EBITDA and will likely remain a drag for the foreseeable future. </p>
<p>Given the current challenges, the company is also re-evaluating its fiscal 2024 EBITDA and Free Cash Flow guidance and is currently further reviewing adjustments to the business, including additional cost-cutting measures.</p>

NASDAQ:LYFT