A traveler arriving at Los Angeles International Airport seeks ground transportation during a day of statewide action to demand that transportation companies Uber and Lyft follow California law and grant drivers “fundamental employee rights” in Los Angeles, California, USA, Aug 20, 2020.
Mike Blake | Reuters
Actions of lyft lost more than a quarter of their value, dropping as much as 26% in after-hour trading on Tuesday after the company provided light orientation of the second quarter and investors have warned it will have to continue spending on driver incentives.
Here are the key numbers:
- Earning per share: 7 cents adj. vs loss of 7 cents predicted in a refinitiv survey of analysts
- Income: $ 876 million versus the $ 846 million projected by Refinitiv
- Active pilots: 17.8 million against 17.9 million expected, for FactSet
- Revenue for active driver: $ 49.18 versus an expected $ 47.07, according to StreetAccount
For the second quarter, Lyft said it expects revenue between $ 950 million and $ 1 billion. Wall Street valued $ 1.02 billion for StreetAccount.
Lyft reported a net loss for the quarter of $ 196.9 million compared to a net loss of $ 427.3 million for the same period in 2021. The company said its loss included $ 163.2 million in compensation based on shares and related payroll tax expenses.
Lyft reported 17.8 million active motorcyclists, just missing estimates. It’s also a drop from the fourth quarter when Lyft said it had 18.73 million active riders.
Lyft invested heavily in incentives for drivers during the Covid pandemic and the recovery, which weighed on the financials. The supply of drivers appeared to stabilize, but as gas prices rose nationwide due to the war in Ukraine earlier this year, some investors feared that drivers would leave their respective platforms and companies would have to rise. their own incentives.
Lyft said during its investor call that it will invest more in driver subsidies in the next quarter, although it believes this will help “pay off in a healthier market.” It is not clear how much he will spend the company.