First Published: 02/09/2023 16:28 PM EST
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Shares of Lyft (NASDAQ:LYFT) are tanking more than 30% in pre-market trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Sales increased by 23.7% year-over-year, with revenue hitting $1.2 billion. This beat analysts’ expectations of $1.15 billion.
The adjusted loss came in at $0.74 per share while analysts were expecting earnings of $0.14.
Lyft saw active riders up 8.7% in a year-over-year comparison. Better yet, revenue per active rider was up 11.5% in a year-over-year comparison. Each active rider had an average contribution of $57.72.
Looking forward, management now expects revenue for Q1 2023 to be approximately $975 million. For reference, analysts were expecting $1 billion in revenue. This fact is putting a lot of selling pressure on the stock.
Overall, Wall Street has a consensus price target of $20.33 on LYFT, implying a 25.3% upside potential, as indicated by the graphic above.
