Time for Lyft off; Lyft reports its first quarter earnings

lyft reported its first quarter earnings of 2021 and it revealed revenue are down 36% from the year prior to 608 million compared to the 955 million a year earlier

lyft reported active riders have decrease from 21.211 to 13.494 active riders a decrease of 36.4% and the loss from the lost users were * Revenue per active rider: $45.13 vs. $44.50 expected per FactSet

It is unclear whether to not these numbers are a direct cause of the pandemic or not. It should have still been inline with the protocols with mask .

It will become apparent once the vaccines start becoming ubiquitous that it can stimulate a resurgence in the ride sharing industry

The CEO remains optimistic in the companies future “We continue to believe there is still significant pent-up demand for mobility that will take time to play out,” CEO Logan Green said on a call with investors.

Lyft also issued guidance for its second quarter, telling investors it expects revenue between $680 million and $700 million. That’s a 12% to 15% increase quarter over quarter and would represent growth between 100% and 106% year over year. It also expects to limit adjusted EBITDA loss to between $35 million and $45 million in the quarter.
With a resurgence in users, the company is facing a growing need for more drivers.

Lyft reported $ 2.2 billion in unrestricted cash and cash equivalents it sees that the company has given up on its self driving car unit in attempt to gain cash reserve.

to read the full report click the link below

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