lift CEO David Risher defended the company’s fourth-quarter results Wednesday, telling CNBC that consumer demand remains strong.
“We achieved record profits and generated more than $1 billion in cash, which is the result of a customer-focused strategy that continues to work and continue to grow the company,” he told CNBC’s “Squawk Box.” “So please like what we see. We don’t pander to the consumer side at all.”
Shares fell 15% Wednesday after passenger numbers missed Wall Street expectations.
The ride-sharing company reported 29.2 million active passengers in the quarter, lower than the 29.5 million expected by analysts. A total of 243.5 million rides were taken during the period, lower than the estimate of 256.6 million.
Risher highlighted the acquisition of Lyft’s Teen Account and European taxi app FreeNow as future growth drivers for the company. Lyft began opening teen accounts on Monday, more than two years after its rival. Uber.
Lyft released soft guidance for the first quarter, expecting bookings to fall in the range of $4.86 billion to $5.0 billion, compared to FactSet’s forecast of $4.93 billion. The company had expected adjusted EBTIDA of $120 million to $140 million, compared to the FactSet consensus of $139.8 million.
As robotaxis continue to expand, Risher mentioned Lyft’s planned rollout of self-driving cars.
“We are in a very good position, we have a great partnership with Waymo. Baidu“We’re going to start putting some of their technology, some of their self-driving cars, on the roads in places like Nashville (Tennessee) in 2026,” Risher said.
Lyft’s fourth-quarter revenue came in at an adjusted $1.76 billion, in line with expectations. The company reported adjusted earnings per share of 16 cents, beating expectations of 12 cents.
There were several exclusions and adjustments to both revenue and earnings per share.
Risher also noted demand for Lyft during the Super Bowl, saying it had faster pickups and lower surge prices than its competitors, resulting in 13% to 15% year-over-year volume growth.
