Lyft (NASDAQ:LYFT) stock is gaining speed on Wednesday after the ride-sharing company revealed results for its fourth quarter of 2021.
Let’s take a look at all the highlights holders of LYFT stock need to know from that report.
- Starting off the company’s earnings report for Q4 2021 is adjusted earnings per share of 9 cents.
- That’s better than the 8 cents per share that Wall Street was expecting.
- To go along with that, revenue for the quarter comes in at $969.9 million.
- That’s a 70% increase year-over-year from $569.9 million.
- It’s also a boon to LYFT stock by beating out analysts’ estimate of $940.85 million.
Elaine Paul, CFO of Lyft, said the following in the earnings report sending the company’s stock higher.
‘We had a solid Q4 and achieved full-year revenue growth of 36 percent in 2021. Revenue per Active Rider, Contribution Margin and Adjusted EBITDA all reached new highs in the fourth quarter, driven by improving service levels and higher ride volumes in our marketplace. Despite short-term headwinds from omicron, we remain optimistic about full-year 2022.”
The positive earnings report for Lyft brings with it heavy trading of the company’s shares. As of this writing, more than 13 million shares of its stock have been traded. That’s quite the increase over the daily average trading volume of about 6.3 million shares of the stock.
LYFT stock is up 2.9% as of Wednesday morning but is still down 5% since the start of the year.
Investors that want all of the latest stock market news will want to keep reading!
We’ve got all the hottest stock coverage that traders need to know about for Wednesday! A few examples of that include the news boosting Canopy Growth (NASDAQ:CGC) stock up today, why holders of Sundial Growers (NASDAQ:SNDL) stock are celebrating, as well as what has shares of solar stocks rallying. You can get up to speed on these matters by checking out the following links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.