Lyft Shares Slide After Bookings and Outlook Miss Estimates

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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. 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