"Shares of Lyft Inc. fell by the most in a year after the rideshare firm issued a disappointing forecast that missed Wall Street expectations, a sign that its global expansion and new product offerings are not performing as quickly and as well as anticipated. First-quarter adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, will come in between $120 million and $140 million, the company said in a statement on Tuesday. Wall Street was expecting $140.5 million."
"Fourth-quarter revenue also came in below expectations, rising 3% to $1.59 billion. Analysts had been looking for $1.76 billion. Lyft attributed the shortfall to a $168 million impact from settlements related to legacy driver classification matters, a spokesperson said Tuesday. Gross bookings for the current period will be $4.86 billion to $5 billion, in line with analyst estimates. The company also authorized a new share buyback program of $1 billion."
Lyft guided first-quarter adjusted EBITDA between $120 million and $140 million, below Wall Street's $140.5 million expectation. Fourth-quarter revenue rose 3% to $1.59 billion, short of the $1.76 billion analysts expected. The company attributed the gap to a $168 million impact from settlements tied to legacy driver-classification matters. Gross bookings guidance of $4.86 billion to $5 billion matched estimates. Lyft authorized a $1 billion share buyback. Shares plunged as much as 16% intraday and were down 13% year-to-date. Expansion beyond the US and new products have not yet delivered the expected profitability, and competition from Waymo adds uncertainty.
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