LYFT Stock Drops 16% After Hours: What’s Driving the Selloff?
Synopsis
For the current quarter, the company expects adjusted core profit to be $120 million to $140 million, lower at the midpoint than an analyst estimate of $139.57 million.
Shares of Lyft, Inc. (LYFT) slumped 16% after hours on Tuesday after the company guided to core profit in a range that disappointed Wall Street.
The company reported a fourth quarter (Q4) adjusted core profit increase of 37% year over year to $154.1 million, above an analyst estimate of $147.72 million, as per Fiscal AI. Revenue for the quarter came in at $1.6 billion, marking a growth of 3%, thanks to an increase of 19% in gross booking to $5.1 billion. However, this trailed Wall Street expectations of a revenue of $1.76 billion.
For the current quarter, the company expects gross booking of approximately $4.86 billion to $5.00 billion, up approximately 17% to 20% year over year. Adjusted core profit is expected to be $120 million to $140 million, lower at the midpoint than an analyst estimate of $139.57 million.
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