Lyft Shares Slide After Bookings and Outlook Miss Estimates

Bloomberg08-07

Outlook miss threatens to overshadow progress to grow marginsRideshare company posts quarterly profit for first timeLyft signage on a vehicle in New York.Lyft Inc. shares slid after the ride-hailing ...

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For the current quarter, the company expects $4 billion to $4.1 billion in bookings. Analysts projected $4.14 billion.The miss in bookings and guidance is likely to overshadow Lyft’s efforts to consistently reach profitability. Adjusted earnings more than doubled from a year ago to $102.9 million, and the company posted its first quarterly profit of $5 million — by the measure of net income based on generally accepted accounting principles. The company has said though that it doesn’t expect to be profitable on an annual basis for years — an achievement that its larger rideshare rival Uber Technologies Inc. attained last year after more than a decade in business.Lyft’s results challenge the narrative that US consumer spending has remained resilient for all gig-economy platforms and may stoke broader concerns amid softer spending in the fast-food restaurant and travel sectors. In contrast to Lyft, Uber reported strong earnings on Tuesday. The rival operates on a global scale and has expanded into other areas such as food delivery and taxi rides. For its part, Lyft said it saw a 16% jump in rides to and from restaurants, bars and entertainment venues from a year earlier.Lyft’s shares were down as much as 8.8% in premarket trading on Wednesday at $10.The company has struggled to gain market share from Uber and yet issued ambitious three-year growth targets in June that surprised analysts. Chief Financial Officer Erin Brewer said the road to profitability hinges on expanding ride volumes and promoting new products such as advertising offerings.Lyft’s revenue growth has accelerated and its net losses have narrowed since David Risher assumed the role of chief executive officer a year ago. Risher focused on trimming costs, increasing customer satisfaction and luring riders with lower prices. 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