Shares of ride-sharing company Lyft fell after the company posted a narrower net loss than expected and guided for a lower 2020 loss than expected.
The stock fell 4.13% to $51.71 a share in postmarket trading Tuesday, after having risen 0.41% in regular trading hours.
GAAP net loss per share came in at $1.19, narrower than Wall Street’s estimated $1.38 cents. Revenue was $1.017 billion, better than analysts expected $984 million and growing 52% year-over-year. Adjusted EBITDA loss was $130 million, narrower than the expected $165 million and an improvement over last year’s loss of $943 million.
Active riders were 22.9 million, beating estimates of 22.8 million. Revenue per active rider was $44.4, beating estimates of $43.2.
The company guided for a full year 2020 revenue midpoint of $4.613 billion, in line with analysts’ expectations. Adjusted EBITDA loss is guided for between $450 million and $490 million, with the midpoint greater than Wall Street’s estimate of a loss of $490 million.
One key takeaway: while it’s unclear why the stock fell after earnings, it had been up 23% for the year leading into the print, creating high expectations for a company looking to become EBITDA profitable by the end of 2021.