{"id":10248,"date":"2023-08-08T20:23:31","date_gmt":"2023-08-08T20:23:31","guid":{"rendered":"https:\/\/isafespend.com\/investing\/lyft-forecasts-strong-earnings-as-it-banks-on-competitive-pricing-to-chase-down-uber\/"},"modified":"2023-08-08T20:23:32","modified_gmt":"2023-08-08T20:23:32","slug":"lyft-forecasts-strong-earnings-as-it-banks-on-competitive-pricing-to-chase-down-uber","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=10248","title":{"rendered":"Lyft forecasts strong earnings as it banks on competitive pricing to chase down Uber"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Lyft logo is seen in this illustration taken June 27, 2022. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
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(Reuters) – Lyft <\/span><\/span> (NASDAQ:) forecast third-quarter revenue and adjusted core profit above estimates on Tuesday, as it bets on cost cuts and a post-pandemic rebound in ride-sharing demand to cushion the impact of a price war with bigger rival Uber (NYSE:). <\/p>\n

Shares of the company rose more than 12% in extended trading, after Lyft also reported higher-than-expected adjusted core profit for the April-June period.<\/p>\n

Under new CEO David Risher, Lyft has priced its rides more competitively with Uber to reduce what has been a growing gap between the companies in the North American ride-share market.<\/p>\n

But that strategy dragged down its revenue per active user by 5% to $47.51 in the second quarter. The figure also missed estimates of $48.38, according to Visible Alpha.<\/p>\n

“We really want to price competitively,” Risher said in an interview, days after rising fears of a price war slammed Uber shares and overshadowed the company’s positive results. <\/p>\n

He added that rides receiving prime-time charge, or surge pricing, fell 35% sequentially in the second quarter, while the average per-mile fare was 10% lower from a year ago. That lower pricing, however, helped spur an 8.2% jump in the number of active riders on the platform to the highest in nearly three years, as Lyft also benefited from a travel rebound and more office commutes.<\/p>\n

In the quarter ending September, Lyft expects revenue in the range of $1.13 billion to $1.15 billion, higher than estimates of $1.09 billion, according to Refinitiv data. <\/p>\n

The company, which has promised profitability by 2023-end, forecast adjusted core earnings of $75 million to $85 million and a margin of 7%. Analysts were expecting $49.7 million.<\/p>\n

Adjusted earnings before income, tax, depreciation and amortization (EBITDA) margin came in at 4% in the quarter ended June 30, compared with 2.3% in the preceding quarter and negative 19.8% in the June quarter last year.<\/p>\n

Revenue grew 3% to $1.02 billion, in line with estimates, while adjusted EBITDA of $41 million was well above expectations of $27.9 million. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Lyft logo is seen in this illustration taken June 27, 2022. REUTERS\/Dado Ruvic\/Illustration\/File Photo (Reuters) – Lyft (NASDAQ:) forecast third-quarter revenue and adjusted core profit above estimates on Tuesday, as it bets on cost cuts and a post-pandemic rebound in ride-sharing demand to cushion the impact of a price war with<\/p>\n","protected":false},"author":1,"featured_media":10249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-10248","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nLyft forecasts strong earnings as it banks on competitive pricing to chase down Uber | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Lyft logo is seen in this illustration taken June 27, 2022. 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