Lyft climbs over 8% on the New York Stock Exchange on Wednesday after reporting quarterly results deemed 'solid' and an outlook considered equally 'encouraging'.
Last night, the chauffeur-driven vehicle (VTC) specialist reported a 28% increase in first-quarter sales, to $1.3 billion, against a consensus of $1.2 billion.
Its adjusted operating profit (Ebitda) - which more than doubled to $59.4 million - also exceeded the consensus of $54 million.
'But perhaps the most important point of the publication is the fact that the number of rides reached 188 million, compared with our target of 177 million and the consensus of 186 million, providing a further illustration that the change in pricing strategy is bearing fruit', emphasized UBS analysts.
For the second quarter, Lyft said it was aiming for total billings of between four and 4.1 billion dollars, for an Ebitda of 95 to 100 million dollars, targets that again beat market estimates.
Following this strong performance, many analysts say they are looking forward to the San Francisco-based group's next investor day, to be held on June 6.
According to the professionals, the company could say more about the future evolution of its profitability and unveil prospects beyond 2024.
Following this publication, which contrasts with the more disappointing one of its rival Uber Technologies (-8%), the share gained 8.8% late Wednesday morning on the Nasdaq.
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Lyft, Inc. is a multimodal transportation network in the United States and Canada that offer access to a variety of transportation options through its platform and mobile-based applications. The Lyft Platform provides a marketplace where drivers can be matched with riders via the Lyft App, where it operates as a transportation network company. Transportation options through its platform and mobile-based applications are substantially comprised of its ridesharing marketplace that connects drivers and riders in cities across the United States and in select cities in Canada, its network of bikes and scooters, and the Express Drive program, where drivers can enter into short-term rental agreements with its subsidiary, Flexdrive Services, LLC or a third party for vehicles that may be used to provide ridesharing services on the Lyft Platform. It makes the ridesharing marketplace available to organizations through Lyft Business offerings, such as the Concierge and Lyft Pass programs.