A traveler arriving at Los Angeles International Airport seeks ground transportation for a day of statewide action to demand that Uber and Lyft carriers comply with California law and grant drivers “basic employee rights.” “in Los Angeles, California, USA, August 20, 2020.
Mike Blake | Reuters
Sharing company Lyft reported fourth-quarter earnings on Tuesday, beating Wall Street expectations for the top and bottom, but disappointed when it came to active pilots.
The company’s shares rose more than 9% in after-hours trading, thanks to a pace in revenue and signs that the business is recovering slightly from the pandemic.
Lyft is also on track to make EBITDA profitable in the fourth quarter, with a chance it could be achieved in the third quarter, CFO Brian Roberts said in the company’s profit statement.
Here are the key numbers:
- Loss per share: 58 cents versus 72 cents expected in a survey by Refinitiv analysts
- Income: $ 570 million compared to the $ 563 million expected by Refinitiv
- Active pilots: 12.55 million versus 13.2 million expected in a FactSet survey
- Revenue per active pilot: $ 45.40 vs. $ 42.20 provided by FactSet
The company’s revenue and number of pilots jumped from previous quarter’s results of $ 499.7 million and 12.51 million pilots, suggesting the company will continue to recover from the headwinds of the Covid-19. However, it continues to fall considerably compared to the same quarter last year. Throughout the year, Lyft posted revenue of $ 2.4 billion, compared to $ 3.6 billion in fiscal year 2019.
The company said demand at the end of the quarter was also negatively affected by rising coronavirus cases and efforts to curb the spread of the virus.
Roberts said in a statement that Lyft expects “a turning point in growth from the second quarter to strengthen in the second half of the year.”
Lyft reported a net loss of $ 458.2 million during the quarter, compared to a net loss of $ 356 million in the fourth quarter of 2019. The company said its fourth-quarter loss includes $ 138.1 million. share-based compensation dollars and payroll tax-related expenses. The company said its net loss margin for this quarter was 80.4% compared to 35% the previous year.
Its adjusted EBITDA loss for the fourth quarter was $ 150 million, an increase of $ 19.3 million from the previous year. It’s better than the company’s most recent forecast for an adjusted EBITDA loss of less than $ 185 million. The company said the adjusted fourth-quarter EBITDA loss margin was 26.3% compared to the previous year’s 12.9%.
Lyft also reported $ 2.3 billion in unrestricted cash, cash equivalents and short-term investments.
The company has failed to group its additional segments in the same way it did its main competitor, Uber, last year. In an effort to replace lost revenue from the coronavirus pandemic, Uber focused on the food and delivery segment, Uber Eats, and launched some of its travel-related segments.
Lyft has not yet developed a food delivery business. The company said last quarter it was working on expanding delivery and was consulting with restaurants and retailers.
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