{"id":22921,"date":"2023-05-05T16:14:45","date_gmt":"2023-05-05T16:14:45","guid":{"rendered":"http:\/\/107236034"},"modified":"2023-05-05T16:14:45","modified_gmt":"2023-05-05T16:14:45","slug":"lyft-shares-plunge-15-on-weak-second-quarter-guidance","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/lyft-shares-plunge-15-on-weak-second-quarter-guidance\/","title":{"rendered":"Lyft shares plunge 15% on weak second-quarter guidance"},"content":{"rendered":"<p><span class=\"HighlightShare-hidden\"><\/span><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107232823\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\" readability=\"8\">\n<div readability=\"11\">\n<p>A Lyft decal is seen on a car in the pick-up area at JFK Airport on April 28, 2023 in New York City.&nbsp;<\/p>\n<p>Michael M. Santiago | Getty Images News | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\" readability=\"47.176913425345\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><span class=\"waslinkname\">Lyft<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> shares dropped nearly 15% in extended trading on Thursday after the ride-hailing company issued a weaker-than-expected forecast for the second quarter.<\/p>\n<p>Here&#8217;s how the company did in the first quarter, according to analysts surveyed by Refinitiv:<\/p>\n<ul>\n<li><strong>Loss per share:<\/strong> 7 cents adjusted vs. loss of 6 cents expected<\/li>\n<li><strong>Revenue:<\/strong> $1 billion vs. $981 million expected<\/li>\n<\/ul>\n<p>Lyft reported a net loss of $187.6 million, or 50 cents a share, including stock-based compensation costs and related payroll expenses of $186.6 million. In the year-ago period, the company lost $196.9 million, or 57 cents a share. <\/p>\n<p>Lyft said it expects second-quarter sales of approximately $1.0 billion to $1.02 billion, while analysts were projecting $1.08 billion, according to Refinitiv.<\/p>\n<p>Adjusted earnings before interest, taxation, depreciation and amortization will be $20 million to $30 million, the company said. Analysts in a Refinitiv survey on average were looking for EBIDTA of $49.3 million.<\/p>\n<p>Revenue in the first quarter rose 14% from $875.6 million a year earlier.<\/p>\n<p>&#8220;We&#8217;re improving our rideshare service and are thrilled with the early results,&#8221; Lyft CEO David Risher said in a statement. &#8220;Riders are taking more rides and drivers have the power to earn more.&#8221;<\/p>\n<p>Risher, a former retail executive at Amazon, <span class=\"waslinkname\">took over the CEO job<\/span> last month after co-founders Logan Green, who was CEO, and John Zimmer said they would step back from their day-to-day roles at the company.<\/p>\n<p>Prior to the after-hours decline, Lyft shares had lost half their value in the past year.<\/p>\n<p><strong>WATCH<\/strong>: <span class=\"waslinkname\">Lyft needs to stabilize higher for the stock to succeed long term<\/span><\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107216537\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107216537\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000292094\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\" readability=\"5.9541984732824\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2023\/05\/lyft-shares-plunge-15-on-weak-second-quarter-guidance.jpg\" alt=\"Lyft needs to stabilize higher for the stock to succeed long term, says Needham's Bernie McTernan\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A Lyft decal is seen on a car in the pick-up area at JFK Airport on April 28, 2023 in New York City.&nbsp; Michael M. Santiago | Getty Images News | Getty Images Lyft shares dropped nearly 15% in extended trading on Thursday after the ride-hailing company issued a weaker-than-expected forecast for the second quarter. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":22922,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"hashtags":[],"_links":{"self":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/22921"}],"collection":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/comments?post=22921"}],"version-history":[{"count":0,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/22921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media\/22922"}],"wp:attachment":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media?parent=22921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/categories?post=22921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/tags?post=22921"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/hashtags?post=22921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}