Lyft Inc on Tuesday forecast slower growth in the new year as ridership growth s...
) on Tuesday forecast slower growth in the new year as ridership growth stagnated in the second half of 2019, disappointing investors and sending shares down 3.7% after hours.
Lyft reported revenue of $1.02 billion in the fourth quarter, ahead of analysts who expected $984 million in quarterly revenue, according to IBES data from Refinitiv. While Lyft’s ridership grew by more than 6% in the first half of 2019, growth in the second half slowed to around 2.5%.Uber originally echoed Lyft in saying it would be profitable on an adjusted EBITDA basis by the end of 2021. But the company last week moved that target forward by a year, now promising investors it would be profitable on that metric in the fourth quarter of 2020.
Both companies went public last year, Lyft in March, Uber in May, with many early employees and investors selling their shares.
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