Lyft, Inc. LYFT posted stronger-than-expected gross sales for its first quarter.
Lyft reported quarterly losses of 8 cents per share which missed the analyst consensus estimate of earnings of three cents per share. Quarterly gross sales got here in at $1.28 billion which beat the analyst consensus estimate of $1.16 billion by 10.02% and represented a 27.59% improve over gross sales of $1 billion from the identical interval final 12 months, based on knowledge from Benzinga Professional.
“Lyft is off to a robust begin in 2024. We’re executing properly and bringing much-needed innovation to the market. That is why drivers and riders are selecting Lyft extra usually,” mentioned CEO David Risher. “After a 12 months within the driver’s seat at Lyft I am thrilled to see all of the ways in which our buyer obsession drives worthwhile progress.”
The corporate noticed second-quarter gross bookings of between roughly $4 billion and $4.1 billion, adjusted EBITDA of between $95 million and $100 million and an adjusted EBITDA margin of roughly 2.4%.
Lyft shares fell 5.3% to shut at $16.60 on Tuesday.
These analysts made modifications to their value targets on Lyft following earnings announcement.
- DA Davidson raised the value goal on Lyft from $15 to $18. DA Davidson analyst Tom White maintained a Impartial score.
- Truist Securities boosted the value goal on Lyft from $15 to $18. Truist Securities analyst Youssef Squali maintained a Maintain score.
- Needham analyst Bernie McTernan reiterated Lyft with a Maintain.
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