Lyft, Inc.

Lyft (LYFT) shares, which initially skyrocketed following a reporting error by the ride-hailing company, settled nearly 16% higher in 澳洲幸运5官方开奖结果体彩网:after-hours trading on Tuesday as fourth-quarter earnings and first-quarter bookings guidance surpassed analysts’ expectations.

The San Francisco-based company disclosed fourth-quarter 澳洲幸运5官方开奖结果体彩网:adjusted earnings of 18 cents per share, more than double the 8 cents a share figure Wall Street had forecast. Revenue in the period of $1.22 billion increased 4% from the prior year, sitting in-line with analysts’ estimates. The quarterly results were boosted by rides increasing 26% to 191 million from the corresponding period in 2022 amid growing trips to stadiums, driven by concerts and sporting events.

Looking ahead, Lyft projects gross bookings in the current quarter to range between $3.5 billion and $3.6 billion, ahead of the $3.46 billion consensus. Moreover, the company sees 2024 adjusted 澳洲幸运5官方开奖结果体彩网:profit margin as a percentage of bookings increasing 50 澳洲幸运5官方开奖结果体彩网:basis points (BPS) to 2.1%, up from 1.6% in 2023.

The company’s initial press release mistakenly projected annual margin expansion of 500 BPS, instead of 50 BPS, which Lyft’s chief financial officer, Erin Brewer, corrected on the earnings call.

Lyft said growth this year will be driven by corporate partnerships with companies such as LinkedIn and Starbucks (SBUX), among others.

The company also expects this year for the first time to generate positive 澳洲幸运5官方开奖结果体彩网:free cash flow due to reduced expenditure.

“Given these factors, along with our plans for slightly lower capital expenditures for 2024 relative to 2023, we anticipate that Lyft will generate positive Free Cash Flow for the full-year for the first time,” Lyft said. An ongoing focus on cost cutting follows the company implementing a 澳洲幸运5官方开奖结果体彩网:restructuring plan last year that reduced staffing levels as it drives toward a goal of long-term annual profitability.

Lyft shares have traded within a broad 澳洲幸运5官方开奖结果体彩网:descending channel since August 2022, with price mean reverting several times from the pattern’s upper and lower boundaries. Leading into the company’s earning’s report, the stock broke down below a period on 澳洲幸运5官方开奖结果体彩网:consolidation, but remained trading above the 澳洲幸运5官方开奖结果体彩网:200-day moving average. Amid an earnings-driven price pop, monitor the channel’s top trendline currently sitting around $15.15 as a potential area of chart 澳洲幸运5官方开奖结果体彩网:resistance.

Lyfꦡt shares gained 15.8% to🅺 $14.05 in after-hours trading.

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