Lyft stock plunges 25% as forecast, rider numbers come up short
Lyft Inc. said Tuesday that it had a better-than-expected first quarter, with Chief Executive Logan Green saying ride-hailing volumes hit “a new COVID high,” but shares plunged after executives’ forecast came up short.
Uber Technologies Inc. UBER, -3.03% shares were also declining in after-hours trading, falling more than 10%. Lyft’s ride-hailing rival is scheduled to report earnings Wednesday afternoon. The ride-hailing company said it had 17.8 million riders, compared with 13.49 million riders in the year-ago quarter, falling shy of analysts’ expectation of 17.9 million riders. Lyft’s revenue per rider was $49.18, above analysts’ estimate of $47.20.
Analysts surveyed by FactSet had forecast an adjusted loss of 7 cents a share on revenue of $848.9 million.
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