Lyft (NASDAQ:LYFT) stock is taking a beating on Friday after the ride-sharing company released its fourth-quarter 2022 earnings report.
That earnings report starts with the company’s earnings per share loss of 74 cents. That’s a massive miss compared to Wall Street’s estimate of 12 cents for the quarter. It also matches what was reported in the same period of the year prior.
Another factor worth noting from the Lyft earnings report is its revenue of $1.18 billion. That’s just above the $1.16 billion analysts were predicting for the period. It’s also above the $969.9 million reported in the fourth quarter of 2021.
Elaine Paul, CFO of Lyft, said the following about the earnings report:
“In Q4 we achieved the highest revenues in our company’s history and we outperformed guidance on Adjusted EBITDA excluding the action we took to strengthen our insurance reserves.”
Another blow to LYFT stock comes from its outlook for the first quarter of 2023. This has the company expecting revenue for the quarter to come in at $975 million. That would have it missing the $1.09 billion in revenue Wall Street is expecting. It’s also expecting Adjusted EBITDA between $5 million and $15 million for the quarter.
LYFT stock is down 31.1% as of Friday morning, which wipes out much of its gains year-to-date.
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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.