Lyft Inc on Thursday forecast current-quarter profit far below Wall Street targets as the ride-hailing service lowered prices, triggering a 30% drop in shares on concerns it was falling behind bigger rival Uber .
"They are clearly struggling here" compared to Uber, said Tejas Dessai, an analyst at Global X ETFs. "They need to evaluate their operations."
Lyft forecast first-quarter adjusted earnings before interest, taxes, depreciation and amortization , a key measure of profitability that strips out some costs, of between $5 million and $15 million. The average analyst target was $81.1 million. "The guidance was a disaster and Lyft continues to be the little brother of Uber," Wedbush analyst Dan Ives said.
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