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Baidu, Inc. (BIDU) - free report >>
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Baidu, Inc. (BIDU) - free report >>
Akamai Technologies, Inc. (AKAM) - free report >>
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Coronavirus Woes Force Lyft to Withdraw 2020 Projections
The coronavirus-led pandemonium has left ride-hailing company Lyft (LYFT - Free Report) with little option to offer guidance for the remainder of 2020. In fact, due to the prevalent uncertainties, the company withdrew its revenue and adjusted EBITDA outlook issued on Feb 11 while releasing fourth-quarter 2019 results. At that time, management had expected revenues in the $4,575-$4,650 million band, implying a rise of 27-29% from the year-ago reported figure. Additionally, adjusted EBITDA loss was anticipated in the $450-$490 million bracket.
However, with the coronavirus pandemic negatively impacting its business including ride volumes, particularly since mid-March, the projections stand invalid. Lyft aims to provide a detailed picture of how its operations are being hit by the adversity caused by this global health peril while releasing first-quarter 2020 results on May 6.
As part of that exercise, Lyft intends to provide an update on its response to the current crisis. Management stated that on May 6, it will announce the strategic actions it is taking to boost its financial position and improve its cost structure apart from supporting drivers and riders. Notably, the company is not the only ride-hailing service provider to withdraw its guidance due to coronavirus. Its rival Uber Technologies (UBER - Free Report) had also done the same last week.
Key Picks
Lyft carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space are Akamai Technologies (AKAM - Free Report) and Baidu (BIDU - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Akamai’s earnings per share outperformed the Zacks Consensus Estimate in each of the last four quarters. Meanwhile, Baidu’s bottom line surpassed estimates in three of the last four quarters (in-line result in one).
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>