February 21, 2024

A Lyft decal is seen on a automotive within the pick-up space at JFK Airport on April 28, 2023 in New York Metropolis. 

Michael M. Santiago | Getty Photographs Information | Getty Photographs

Lyft shares dropped practically 15% in prolonged buying and selling on Thursday after the ride-hailing firm issued a weaker-than-expected forecast for the second quarter.

Right here’s how the corporate did within the first quarter:

  • Earnings per share: 7 cents adjusted, vs. lack of 6 cents anticipated, in accordance with analysts surveyed by Refinitiv
  • Income: $1 billion, vs. $981 million anticipated, in accordance with analysts surveyed by Refinitiv

Lyft reported a web lack of $187.6 million, together with stock-based compensation prices and associated payroll bills of $186.6 million. Within the year-ago interval, the corporate misplaced $196.9 million.

Lyft stated it expects second-quarter gross sales of roughly $1.0 billion to $1.02 billion, whereas analysts have been projecting $1.08 billion, in accordance with Refinitiv.

Adjusted earnings earlier than curiosity, taxation, depreciation and amortization might be $20 million to $30 million, the corporate stated. Analysts in a Refinitiv survey on common have been in search of EBIDTA of $49.3 million.

Income within the first quarter rose 14% from $875.6 million a yr earlier.

“We’re enhancing our rideshare service and are thrilled with the early outcomes,” Lyft CEO David Risher stated in a press release. “Riders are taking extra rides and drivers have the facility to earn extra.”

Risher, a former retail govt at Amazon, took over the CEO job final month after co-founders Logan Inexperienced, who was CEO, and John Zimmer stated they might step again from their day-to-day roles on the firm.

Previous to the after-hours decline, Lyft shares had misplaced half their worth previously yr.

WATCH: Lyft must stabilize larger for the inventory to succeed long run