Lyft Q4 2022 Earnings – the Underdog Continues to Struggle Beneath Uber’s Heft

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Lyft (NASDAQ:LYFT), the San Francisco-based ridesharing company, posted mixed results for the fourth quarter of 2022 every bit acquirement exceeded $1 billion only the reduced net loss failed to print investors.

Logan Green, the co-founder and CEO of Lyft said in the letter to shareholders:

"Connected force in cadre rideshare drove our industry-leading growth, led past product innovation and operational excellence on every facet of our robust transportation platform. With the Lyft transportation network, we are already helping over 22 meg consumers get around in a much more uncomplicated and economical manner.  Today, people can become to the Lyft app and choose their preferred way of transportation, including cars, bikes, scooters, and public transit - all in one identify."

Lyft's scorecard

For the three months that concluded on the 31st of December 2022, Lyft reported acquirement of $1,017 million, exceeding consensus estimates by $35.75 million. This metric marks a salubrious increase of 52 pct when compared with the acquirement of $669.5 million in the fourth quarter of 2022. For the entire 2022, the company reported acquirement of $three.6 billion versus $2.2 billion in fiscal yr 2022, an increase of 68 percent year-over-twelvemonth.

Lyft reported an adjusted net loss of -$130.vii million confronting expectations of -$163.2 meg. As a reference, the company's adjusted net loss in the comparable quarter last twelvemonth was -$251.1 million.

Crucially, Active Riders increased by 23 percent on an annual basis to 22.9 million – a vanquish by 0.i one thousand thousand – while the Revenue per Agile Rider increased to $44.4 year-on-year.

For the beginning quarter of 2022, Lyft expects revenue to range between $i,055 million and $1,060 million, translating to a year-on-yr growth that ranges between 36 percent and 37 percent, respectively. Moreover, adjusted loss for Q1 2022 is expected to range between -$140 million and -$145 meg.

As of 04:35 p.m. ET, Lyft'due south stock is downward by 2.58 percent to $52.55. At one indicate in the afterward-hours trading, the stock was down past as much equally 4.71 percentage. Year to date, all the same, the stock is upwards past 24.87 per centum – based on Tuesday's endmost toll of $53.94.

Contest with Uber

Uber (NYSE:UBER) shocked investors during its earnings call for the Q4 2022 when information technology brought forward expectations for becoming GAAP profitable to Q4 2022 from the earlier projection of 2022. This improved profitability project from Uber has exerted pressure on Lyft to deliver its own updated profitability prognostications, though none were forthcoming in the fourth-quarter statement. Bear in mind that Lyft had indicated in the earnings telephone call for Q3 2022 that it expects to attain profitability in 2022.

Although Lyft trails Uber in market capitalization and overall market share, it has grown its footprint in North America's ride-hailing market over the past year. As a refresher, Lyft operates primarily in the U.Southward. and Canada. On the other hand, Uber's operations span the world at present. According to a Raymond James survey published on the third of February, Lyft has snatched about v percent of the market share from Uber since Dec 2022 and "continues to prove a higher frequency rate amid users".

Source: https://wccftech.com/lyft-q4-2019-earnings-the-underdog-continues-to-struggle-under-ubers-shadow/

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