Lyft: shares fall despite beat-and-raise quarter

(CercleFinance.com) - Lyft's profit topped analysts' estimates and the US ridehailing company raised its forecasts on Wednesday, which failed to boost its share price on the Nasdaq.


Last night Lyft reported fourth-quarter revenue of over 1 billion dollars, versus 669.5 million dollars in the fourth quarter of 2018, up 52% year-on-year.

Its net loss widened to 356 million dollars, versus a net loss of 248.9 million dollars in the same period of 2018.

These figures were, however, better than expected. Q1 guidance also beat the consensus, as Lyft expects revenue of 1.055 billion - 1.06 billion dollars, slightly above the consensus.

2020 guidance looked more conservative, however, with Lyft expecting revenue of 4.575 billion - 4.65 billion dollars, in line with consensus.

"Investors were expecting more from Lyft after Uber set a stronger path toprofitability last week," one analyst noted.

Indeed, Lyft shares had jumped after Uber's earnings announcement and have risen by 25% year-to-date. Today however it's not their day - the San Francisco-based company's shares were clearly in a traffic jam, down 8.5% on Wednesday morning.

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