liftThe company’s stock fell 15% in extended trading Tuesday after the ride-hailing company reported disappointing fourth-quarter results.
Here’s how the company performed against LSEG’s estimates:
Earnings per share: Non-comparable earnings: $1.59 billion vs. $1.76 billion
Sales increased 3% year over year. Bookings rose 19% year over year to $5.07 billion, in line with Wall Street expectations. Net income was approximately $2.76 billion, or $6.72 per share.
The company said it expects earnings before interest, taxes, depreciation and amortization, a measure of profitability, to be in the range of $120 million to $140 million for the current quarter. Analysts had expected sales of $139.8 million for the current fiscal year.
Lyft said recent legislation to reduce insurance costs in California contributed to lower rideshare prices.
“While we expect this to drive demand growth over time, widespread consumer adoption will take time to materialize, so we currently expect this to be a second-half weight,” the company said in a release.
Lyft posted lackluster ridership metrics in the fourth quarter.
Total active riders during the period were 29.2 million, falling short of StreetAccount’s estimate of 29.5 million. Rides totaled 243.5 million, compared to FactSet’s estimate of 256.6 million.
The company’s board of directors also approved up to $1 billion in additional stock repurchases.
