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Benzinga
Benzinga
Business
Wayne Duggan

Lyft Analysts React To Q2 Guidance Miss, Heavy Investments In Lagging Driver Recovery

Lyft Lyft Inc Nasdaq Aaron Kessler Bernie McTernan Brad Erickson Needham Raymond James RBC Capital Markets Wedbush

LYFT Inc (NASDAQ:LYFT) shares plummeted 32% on Wednesday after the company issued second-quarter guidance that came up well short of market expectations.

On Wednesday, Lyft reported first-quarter adjusted EPS of 7 cents, beating consensus analyst estimates of a 7-cent loss. First-quarter revenue was $876 million, also beating analyst expectations of $846 million. Revenue was up 44% from a year ago.

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