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Lyft, Inc. (LYFT - Free Report) reported fourth-quarter 2022 loss of 75 cents per share compared with the Zacks Consensus Estimate of 10 cents. In the year-ago period, Lyft reported earnings of 9 cents per share.
Total revenues of $1,175 million beat the Zacks Consensus Estimate of $1,157.3 million and jumped year over year on an 8.7% increase in active riders, which totaled 20.35 million in the reported quarter.
Lyft's revenue per active rider increased 11.5% year over year in the fourth quarter to $57.72.
Lyft’s adjusted EBITDA loss in the fourth quarter was $248.3 million compared with the year-ago loss of $47.6 million. Adjusted EBITDA margin for the fourth quarter was minus 21.1% compared with minus 4.9% in the year-ago period.
Total costs and expenses climbed 27.9% year over year to $5.55 billion in 2022. Contributions fell 9.1% year over year to $414.7 million. The contribution margin decreased to 35.3% from 47.1% in the year-ago period.
Lyft exited the fourth quarter with unrestricted cash, cash equivalents and short-term investments of $1.8 billion, flat sequentially.
Q1 Outlook
For the first quarter of 2023, management expects revenues of around $975 million. Adjusted EBITDA is expected in the $5-$15 million range.
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Lyft (LYFT) Incurs Q4 Loss, Revenues Surpass Expectations
Lyft, Inc. (LYFT - Free Report) reported fourth-quarter 2022 loss of 75 cents per share compared with the Zacks Consensus Estimate of 10 cents. In the year-ago period, Lyft reported earnings of 9 cents per share.
Total revenues of $1,175 million beat the Zacks Consensus Estimate of $1,157.3 million and jumped year over year on an 8.7% increase in active riders, which totaled 20.35 million in the reported quarter.
Lyft's revenue per active rider increased 11.5% year over year in the fourth quarter to $57.72.
Lyft’s adjusted EBITDA loss in the fourth quarter was $248.3 million compared with the year-ago loss of $47.6 million. Adjusted EBITDA margin for the fourth quarter was minus 21.1% compared with minus 4.9% in the year-ago period.
Total costs and expenses climbed 27.9% year over year to $5.55 billion in 2022. Contributions fell 9.1% year over year to $414.7 million. The contribution margin decreased to 35.3% from 47.1% in the year-ago period.
Lyft exited the fourth quarter with unrestricted cash, cash equivalents and short-term investments of $1.8 billion, flat sequentially.
Q1 Outlook
For the first quarter of 2023, management expects revenues of around $975 million. Adjusted EBITDA is expected in the $5-$15 million range.
Zacks Rank & Other Stocks to Consider
Currently, Lyft carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Two other similar-ranked stocks in the broader Computer and Technology sector are LiveVox Holdings, Inc. and TrueCar, Inc. (TRUE - Free Report) .
LVOX has an expected earnings growth rate of 99.24% for the current year. LVOX stock has declined 1.8% over the past six months.
TRUE has an expected earnings growth rate of 94.05% for the current year.
TRUE stock has gained 22.7% over the past six months.