Rotten Tomato Stocks
No Result
View All Result
  • News
    Asian Shares Advance Despite Losses on Wall Street

    Asian Shares Advance Despite Losses on Wall Street

    Bitcoin Tumbles, a Stablecoin Plunges in Wild Week in Crypto

    Bitcoin Tumbles, a Stablecoin Plunges in Wild Week in Crypto

    Vizio Swings to 1Q on Decline in Device Sales

    Vizio Swings to 1Q on Decline in Device Sales

    High Inflation Leaves Food Banks Struggling to Meet Needs

    High Inflation Leaves Food Banks Struggling to Meet Needs

  • NYSE
    Twitter’s stock falls toward a 7th-straight loss

    Twitter’s stock falls toward a 7th-straight loss

    Edison International stock rises Friday, still underperforms market

    Edison International stock rises Friday, still underperforms market

    Annexon (NASDAQ:ANNX) Downgraded by Zacks Investment Research

    Annexon (NASDAQ:ANNX) Downgraded by Zacks Investment Research

    Nerdy, Inc. (NYSE:NRDY) Sees Large Decline in Short Interest

    Nerdy, Inc. (NYSE:NRDY) Sees Large Decline in Short Interest

  • NASDAQ
    Nikola Corp. stock falls Monday, underperforms market

    Nikola Corp. stock falls Monday, underperforms market

    Best Buy (NYSE:BBY) Sets New 52-Week Low After Analyst Downgrade

    Best Buy (NYSE:BBY) Sets New 52-Week Low After Analyst Downgrade

    TeraWulf Inc. (NASDAQ:WULF) Sees Large Decline in Short Interest

    TeraWulf Inc. (NASDAQ:WULF) Sees Large Decline in Short Interest

    Intuit Inc. stock falls Thursday, underperforms market

    Intuit Inc. stock falls Thursday, underperforms market

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    Bitcoin Is Falling: Should You Buy the Dip?

    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

  • News
    Asian Shares Advance Despite Losses on Wall Street

    Asian Shares Advance Despite Losses on Wall Street

    Bitcoin Tumbles, a Stablecoin Plunges in Wild Week in Crypto

    Bitcoin Tumbles, a Stablecoin Plunges in Wild Week in Crypto

    Vizio Swings to 1Q on Decline in Device Sales

    Vizio Swings to 1Q on Decline in Device Sales

    High Inflation Leaves Food Banks Struggling to Meet Needs

    High Inflation Leaves Food Banks Struggling to Meet Needs

  • NYSE
    Twitter’s stock falls toward a 7th-straight loss

    Twitter’s stock falls toward a 7th-straight loss

    Edison International stock rises Friday, still underperforms market

    Edison International stock rises Friday, still underperforms market

    Annexon (NASDAQ:ANNX) Downgraded by Zacks Investment Research

    Annexon (NASDAQ:ANNX) Downgraded by Zacks Investment Research

    Nerdy, Inc. (NYSE:NRDY) Sees Large Decline in Short Interest

    Nerdy, Inc. (NYSE:NRDY) Sees Large Decline in Short Interest

  • NASDAQ
    Nikola Corp. stock falls Monday, underperforms market

    Nikola Corp. stock falls Monday, underperforms market

    Best Buy (NYSE:BBY) Sets New 52-Week Low After Analyst Downgrade

    Best Buy (NYSE:BBY) Sets New 52-Week Low After Analyst Downgrade

    TeraWulf Inc. (NASDAQ:WULF) Sees Large Decline in Short Interest

    TeraWulf Inc. (NASDAQ:WULF) Sees Large Decline in Short Interest

    Intuit Inc. stock falls Thursday, underperforms market

    Intuit Inc. stock falls Thursday, underperforms market

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    Bitcoin Is Falling: Should You Buy the Dip?

    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

No Result
View All Result
Rotten Tomato Stocks
No Result
View All Result

Lyft stock plunges 26% after forecast, rider numbers come up short

Editorial Staff by Editorial Staff
May 4, 2022
0
Lyft stock plunges 26% after forecast, rider numbers come up short

Ride-hailing volumes hit new ‘COVID high,’ CEO says, as Lyft beats expectations for adjusted earnings and revenue, but profit and sales guidance disappoint

Lyft Inc. said Tuesday that it had a better-than-expected first quarter, with Chief Executive Logan Green saying ride-hailing volumes hit “a new COVID high,” but shares plunged after executives’ forecast came up short.

Lyft LYFT, -2.35% shares initially increased more than 2% after results beat most analysts’ expectations except for ridership numbers, but then plunged as executives talked on a conference call about increasing investments in drivers and marketing for the second quarter to deal with increased demand. Shares sank 25.8% in after-hours trading, to $22.83, after ending the regular session with a 2.4% decline in the regular session to $30.76, their lowest close since Nov. 6, 2020.

Uber Technologies Inc. UBER, -3.03% shares were also declining in after-hours trading, falling more than 10%, before the company announced late Tuesday that it would move up reporting its results to Wednesday morning instead of afternoon, as previously scheduled. The stock then recovered a little, and was down less than 5% as of 7:15 p.m. Eastern.

In Lyft’s call Tuesday, executives predicted second-quarter revenue of $950 million to $1 billion, shy of the $1.02 billion expected by analysts, and adjusted Ebitda of $10 million to $20 million, well short of the $83 million analysts on average expected, according to FactSet.

The ride-hailing company said it had 17.8 million riders, compared with 13.49 million riders in the year-ago quarter, falling shy of analysts’ expectation of 17.9 million riders. Lyft’s revenue per rider was $49.18, above analysts’ estimate of $47.20.

Lyft reported a first-quarter net loss of $196.9 million, or 57 cents a share, compared with $427.3 million, or $1.31 a share, in the year-ago period. After adjusting for stock-based compensation and other costs, Lyft reported earnings of $24.6 million, or 7 cents a share, up from an adjusted loss of 35 cents a share last year. Revenue climbed 44% to $875.6 million from $609 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast an adjusted loss of 7 cents a share on revenue of $848.9 million.

Elaine Paul, chief financial officer of Lyft, in a statement attributed the company’s “outperformance” to “increased demand and resilient driver levels.” Yet Green said on the call that despite having 40% more active drivers in the first quarter year over year, “we want to continue improving service levels in preparation for further growth.” The executives said that rides are only about 70% recovered vs. the fourth quarter of 2019, so they are expecting to need more drivers.

But in response to an analyst’s question about whether Lyft is considering partnerships with the taxi industry, such as those being struck by Uber that will help that company’s driver supply, Logan said not at this time. He cited reliability and regulatory issues around pricing as reasons he thinks the partnerships would be “a challenge to take on,” though he said he will be watching how it all works out.

Shares of Lyft are now down 28% so far this year, while the S&P 500 index SPX, +0.48% has decreased about 12% year to date.

Last week, the company restated its 2021 results, saying an accounting error led it to report a smaller loss for the year than it actually had. The company said in a filing with the Securities and Exchange Commission that its loss for 2021 should have been $1.06 billion, or $3.17 a share, instead of $1.01 billion, or $3.02 a share.

Related Posts

Nikola Corp. stock falls Monday, underperforms market
NASDAQ

Nikola Corp. stock falls Monday, underperforms market

May 17, 2022
Best Buy (NYSE:BBY) Sets New 52-Week Low After Analyst Downgrade
NASDAQ

Best Buy (NYSE:BBY) Sets New 52-Week Low After Analyst Downgrade

May 17, 2022
TeraWulf Inc. (NASDAQ:WULF) Sees Large Decline in Short Interest
NASDAQ

TeraWulf Inc. (NASDAQ:WULF) Sees Large Decline in Short Interest

May 16, 2022
Intuit Inc. stock falls Thursday, underperforms market
NASDAQ

Intuit Inc. stock falls Thursday, underperforms market

May 16, 2022
Load More
Next Post
Dow’s nearly 50-point fall led by losses in Nike, Procter & Gamble shares

Dow's nearly 50-point fall led by losses in Nike, Procter & Gamble shares

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

POPULAR NEWS

CNH Industrial (NYSE:CNHI) Use Of Debt Could Be Considered Risky

CNH Industrial (NYSE:CNHI) Use Of Debt Could Be Considered Risky

April 14, 2021
10 Warning Signs That Should Tell You “This Stock is in Trouble”

10 Warning Signs That Should Tell You “This Stock is in Trouble”

November 11, 2019
Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

September 14, 2021
CN Rail Stock Is So Undervalued That it’s Absurd

CN Rail Stock Is So Undervalued That it’s Absurd

May 2, 2021
Nektar, worst performing stock in S&P 500, gets booted from the index

Nektar, worst performing stock in S&P 500, gets booted from the index

November 12, 2019

EDITOR'S PICK

Is RealReal (NASDAQ:REAL) Weighed On By Its Debt Load?

Is RealReal (NASDAQ:REAL) Weighed On By Its Debt Load?

November 8, 2021
Twitter Posts Q3 Net Loss Due to Lawsuit Settlement

Twitter Posts Q3 Net Loss Due to Lawsuit Settlement

October 27, 2021
Here’s Why Bilibili (NASDAQ:BILI) Can Manage Its Debt Despite Losing Money

Here’s Why Bilibili (NASDAQ:BILI) Can Manage Its Debt Despite Losing Money

September 27, 2021
Ikea Fined $1.3 Million Over Spying Campaign in France

Ikea Fined $1.3 Million Over Spying Campaign in France

June 16, 2021

Stay Updated

Get breaking news delivered straight into your inbox

Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Rotten Tomato stocks is a wholly-owned subsidiary of Grainne Capital Limited.
While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

Rotten Tomato Stocks cover the companies and markets that are declining, failing or headed for disaster. We help investors spot the down tends and recognize when something smells rotten.

RECENT POSTS

Asian Shares Advance Despite Losses on Wall Street

Twitter’s stock falls toward a 7th-straight loss

Edison International stock rises Friday, still underperforms market

POPULAR POSTS

Annexon (NASDAQ:ANNX) Downgraded by Zacks Investment Research

Cerence (NASDAQ:CRNC) Seems To Use Debt Quite Sensibly

Nikola Corp. stock falls Monday, underperforms market

© Copyright 2021 RottenTomatoStocks. All Rights Reserved 

Disclaimer | Privacy Policy

No Result
View All Result
  • HOME
  • NEWS
  • NYSE
  • NASDAQ
  • OTC
  • TSX

© 2021 RottenTomatoStocks.com

error: Content is protected !!
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.