LYFT Inc (NASDAQ: LYFT) stock fell over 25% in the last one month (Source: Finviz.com). However, the stock slightly recovered over 2.5% on 9th May, 2019 (As of 9:58 am GMT-4; Source: Google finance). The company posted mixed results for the first quarter of FY 19. A net loss has widened to $1.14 billion, in the first quarter ended March 31 from $234.3 million. Stock-based compensation and payroll tax made up $894 million of that amount. Lyft’s market share was relatively stable in the first quarter, hovering around 30%, according to Second Measure Inc., which analyzes a sample of U.S. credit-card data.
Meanwhile, LYFT’s financials was soon-to-be-added support for Lyft users to hail Waymo vehicles in Metro Phoenix area. In the culmination of a partnership announced in 2017, 10 Waymo self-driving vehicles will be available in the Lyft app “over the next few months” giving Lyft users the ability to book a self-driving vehicle instead of a car with a driver. Waymo, previously Google’s self-driving car project, started testing self-driving vehicles on Phoenix streets in November 2017 before rolling out a commercial driverless taxi service in December. The service hasn’t always been popular with all in the city, however, with a report Dec. 13 saying that some Phoenix residents had taken to attacking the cars.
LYFT in the first quarter of FY 19 has reported the adjusted loss per share of $9.02, missing the analysts’ estimates for the adjusted loss per share of $3.77, according to FactSet. The company had reported the adjusted revenue growth of 95 percent to $776 million in the first quarter of FY 19, beating the analysts’ estimates for revenue of $739.9 million.
Moreover, Lyft posted revenue of $37.86 from each of its 20.5 million active riders during the first quarter, a 34% increase in revenue and a 46% increase in riders over the same period in 2018. Last year, Lyft had 30.7 million riders and 1.9 million drivers in more than 300 cities in the United States and Canada. In comparison, Uber – which could be valued at about $90 billion – had 75 million riders and 3.9 million drivers in 65 countries.
A second-quarter revenue forecast of $800 million to $810 million was ahead of analysts’ expectations of $783.1 million. The low end would amount to a revenue increase of 58%, however, far short of the growth Lyft has enjoyed recently. Last year’s second-quarter revenue got a boost from a price hike, making this year’s comparison more challenging, Lyft said. For its second quarter, Lyft forecast an expected adjusted EBITDA loss of $270 million to $280 million. For the FY 19, the company is predicting revenue between $3.275 billion and $3.3 billion and an adjusted loss between $1.15 billion and $1.175 billion.