Lyft reported fourth-quarter outcomes after the bell on Tuesday. It beat estimates on adjusted earnings per share and income however stated it had fewer energetic riders than within the prior quarter.
Shares have been down greater than 6% in after hours buying and selling after executives stated the omicron coronavirus variant would weigh on first quarter numbers.
Listed below are the important thing numbers:
- Earnings per share: 9 cents, adjusted, vs 8 cents anticipated in a Refinitiv survey of analysts
- Income: $970 million vs $940.1 million anticipated by Refinitiv
- Energetic riders: 18.73 million vs 20.2 million anticipated, per StreetAccount
- Income per energetic rider: $51.79 vs $46.54 anticipated, in accordance with StreetAccount
Lyft reported 18.73 million energetic riders within the final quarter of 2021, up almost 50% year-over-year however wanting StreetAccount analyst expectations of 20.2 million riders for the quarter. It is a decline from the third quarter when Lyft stated it had 18.94 million energetic riders and never fairly again to pre-pandemic ranges. Lyft reported 22.9 million energetic riders within the fourth quarter of 2019, for instance.
Lyft is anticipating the omicron surge of the Covid-19 pandemic to decrease first quarter ends in 2022. It expects Q1 income between $800 million and $850 million. Analysts anticipated steerage of $989.9 million, per StreetAccount.
The corporate did not present precise steerage on energetic rider projections, apart from saying it expects rides to say no barely quarter-over-quarter. Analysts anticipate the corporate to report 21.7 million energetic riders within the first quarter of 2022, in accordance with StreetAccount steerage.
“Regardless of short-term headwinds from omicron, we stay optimistic about full-year 2022,” Lyft’s new CFO Elaine Paul stated in an announcement. Nonetheless, the tempo of restoration is unsure.
Lyft income jumped 12% quarter-over-quarter to $969.9 million. That is up 70% year-over-year because of simple comparables because of the Covid-19 pandemic. It additionally famous document income per energetic rider of $51.79, which is up 14% year-over-year.
Lyft reported a web loss for the quarter of $258.6 million versus a web lack of $458.2 million in the identical interval of 2020. The corporate stated its loss included $164.2 million of stock-based compensation and associated payroll tax bills.
Lyft once more posted an adjusted EBITDA (earnings earlier than curiosity, taxes, depreciation and amortization) revenue of $74.7 million. Within the prior quarter, Lyft reported adjusted EBITDA of $67.3 million.
The corporate has struggled with driver provide and demand imbalances all through the pandemic, resulting in larger prices or lengthy wait occasions.
CEO Logan Inexperienced stated throughout the name with traders that Lyft sustained driver restoration within the quarter. Journey ETAs improved by roughly 30% throughout all of its working markets. Energetic drivers hit a brand new pandemic excessive, Paul added, who’re anticipated to keep up regardless of the omicron variant.
One other key marker of restoration, Lyft stated airport rides greater than doubled within the quarter in comparison with final yr.