Lyft forecast current-quarter revenue below Wall Street estimates, blaming extremely cold weather in some of its top markets and lower prices, sending its shares down nearly 25% in extended trading
Lyft\n \n on Thursday forecast current-quarter revenue below Wall Street estimates, blaming extremely cold weather in some of its major markets and lower prices, especially during peak hours, sending its shares down nearly 25% in extended trading. The company’s outlook was in contrast to that of its larger rival Uber\n \n , whose strong presence globally is helping it ride a boom in demand for ride-hailing services from travelers and office-goers Lyft’s bigger presence on the U.S.
Its forecast for first-quarter adjusted earnings before interest, taxes depreciation and amortization , a key measure of profitability that strips out some costs, was between $5 million and $15 million. For the fourth quarter, Lyft reported an adjusted EBITDA of $126.7 million, excluding $375 million it had set aside for increasing insurance reserves. Analysts had forecast $91.01 million.
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