41.02 -0.80 (-1.91%)
Pre-Market: 4:31AM EST
|Bid||41.34 x 3200|
|Ask||44.37 x 1800|
|Day's Range||41.60 - 44.18|
|52 Week Range||37.07 - 88.60|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Ride-sharing company Lyft said Tuesday (February 11) it still expects to lose money until the end of next year. It's Uber's biggest competition in the United States, and it's doing better than expected. The last quarter saw the company take in more than a billion dollars for the first time but it's refused to match Uber's new goal to reach profitability by the end of this year. Lyft says it's sticking to its profitability target date of 2021 even though its rival is shortening its own timeline. Investors were disappointed to hear that and Lyft shares fell 5.5 percent after hours. While Lyft's ridership grew by more than 6% in the first half of 2019, growth in the second was less rosy, slowing to around 2.5%. Lyft only operates in the U.S. and Canada with around 23 million users in the fourth quarter. Uber, meanwhile, had over four times that in the same period -- over 100 million users around the globe. The San Francisco-based companies have taken different approaches to hit profit. Uber has been pouring money into side businesses which have not been profitable, like Uber Eats, a food delivery service. But Lyft has remained solely focused on moving people around.
If you invested $10,000 in Shopify Inc (TSX:SHOP)(NYSE:SHOP) you'd have a staggering amount of money today
Lyft did not comment on the financing of the deal. Halo Cars was founded in 2018 and has operations in U.S. markets such as New York and Chicago. Lyft and larger rival Uber Technologies Inc, both based in San Francisco, are pursuing different roads in search of profitability, with Uber pouring money into side businesses which have so far lost money and Lyft focusing solely on moving people around.
(Bloomberg) -- A pivotal moment next week for at-home fitness provider Peloton Interactive Inc. could conjure up memories of last year’s releases of newly-issued stock by technology companies -- moves that rattled investors and led to heightened volatility for Lyft Inc. and Uber Technologies Inc.Come Monday, some 90% of Peloton’s shares outstanding will be freed up, opening the first window for insiders and early investors to sell since the company’s September initial public offering. This particular lock-up -- similar to Lyft’s -- expires short of the traditional 180-day lock-up period that most companies follow.Meanwhile, Peloton shares at the recent close of around $27 are below its $29 IPO price. Analysts cited the early lock-up as a near-term risk to shares. MKM’s Rohit Kulkarni, in a report published Friday, said that unlike Uber and Lyft, almost all locked-up shares as well as vested stock options “have significant positive returns,” which could lead to downward pressure in the near-term.Lock-ups “created volatility for other recent tech IPOs,” in anticipation of pent up selling pressure, although the stocks tended to bounce back in the days following the expiration, BofA analyst Justin Post said in a telephone interview.Recalling Lyft and Uber’s volatility around their lock-up expirations, Raymond James analyst Justin Patterson said that it “coincided with negative regulatory headlines. And unique to Uber was a former executive selling fairly aggressively into the market.” By contrast, Peloton’s founders remain at the company.The date was moved up because Peloton’s lock-up expiry would have fallen during a blackout period that would bar insiders from selling, according to a Feb. 5 filing submitted to the Securities and Exchange Commission when the company reported earnings. A highlight of the filing was the company’s estimate of shares outstanding -- 317 million. That figure includes options that have or will be vested as of Feb. 24, as well as some 273 million convertible Class B shares eligible to be sold in the public market.Analysts using the 280 million shares outstanding that were cited in Peloton’s quarterly report have some math homework to do before Monday.Based on JPMorgan’s estimate of roughly 277 million shares that will unlock for insiders and early investors, about 87% of Peloton’s estimated 317 million shares outstanding stands to be freed. That would include 144 million shares held by affiliates and 133 million shares held by non-affiliates.Tiger Global Management and Peloton Chief Executive Officer John Foley are among the largest affiliates, with roughly 15% and 6.1% holdings respectively, according to JPMorgan. Technology Crossover Ventures (TCV) has 6%. Fidelity, which owns 5% of shares outstanding, and Comcast, with 3.3%, are not counted among affiliates, according to JPMorgan. Tiger Global and Fidelity declined to comment. TCV deferred to the company to answer questions while Peloton declined to comment.To contact the reporter on this story: Crystal Kim in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Scott Schnipper, Cristin FlanaganFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
SmileDirectClub, Inc. has been subject to unfair attacks from the powerful American Dental Association, short sellers, and even unscrupulous journalists, but the strong underlying business has attracted investors who see through the confusion. That’s according to IPO Edge Editor-in-Chief John Jannarone, who spoke to TD Ameritrade Tuesday. Jannarone, who recently published a detailed article on […]
Lyft's stock slumped despite upbeat Q4 results as its profitability timeline fell short of Uber. Investors can thus adopt a basket approach and play the ridesharing companies??? earnings with these ETFs.
Robust rise in revenues aids Lyft's (LYFT) Q4 results. However, the company sticks to its expectation of becoming profitable in the fourth quarter of 2021.
(Bloomberg) -- Lyft Inc. quarterly results and guidance for 2020 disappointed investors who punished the ride-hailing company for not promising profits sooner. The shares dropped more than 5% in extended trading.Lyft’s results came a few days after larger rival Uber Technologies Inc. reported quarterly numbers that blew past analysts’ expectations and announced that it was moving up its target for profitability. The news sent Uber’s stock price soaring.Lyft didn’t provide updated guidance on turning a profit. Late last year, the company said it would be profitable on an adjusted basis by the fourth quarter of 2021. The stock slipped to as low as $50.82 in extended trading, after closing at $53.94 earlier in New York. Lyft’s rally of more than 25% this year -- along with Uber’s recent results -- raised the bar for Tuesday’s report.While Lyft is Uber’s chief competitor, the two businesses are different. Lyft operates only in North America, while Uber’s business includes overseas markets, food delivery and new ventures like helicopter rides and matching job candidates with short-term work.“Lyft seemed super, super confident with the guidance they did provide,” said Tom White, an analyst at D.A. Davidson. “Uber has a more aggressive timeline,” he said, but added that Uber “made some assumptions,” such as planned reductions in price discounts, while making those projections.Lyft said revenue for the three months ending Dec. 31 jumped 52% to $1.02 billion from the same period a year ago. Analysts had expected revenue of $985.8 million. The company narrowed its adjusted net loss, which excludes stock-based compensation, acquisition expenses and other costs, to $121.4 million during the fourth quarter, compared with $238.5 million for the same period a year earlier. Analysts had expected an adjusted loss of $161.9 million, according to data compiled by Bloomberg.“In 2020 we expect strong top line growth as well as important progress on our path to profitability,” Lyft Chief Financial Officer Brian Roberts said in an interview on Tuesday.Unlike Uber, Lyft has focused solely on mobility, a category that includes ride-hailing, electric bikes, scooters and integration with public transit. The company’s strategy has been to move further into existing markets to capture more active riders and increase how much they spend on Lyft services. In recent months, the company has added public transit options to its app, introduced monthly subscriptions and offered an option to decrease ride costs by scheduling pickup a few blocks away. Last year was the first time the company had combined all mobility options on its app, a strategy designed to drive greater revenue per rider in 2020.In the fourth quarter, Lyft increased its number of active riders 23% to 22.9 million, slightly outpacing analysts’ estimates of 22.8 million. Revenue from each active rider increased 23% to $44.40, again slightly beating analysts’ estimate of $43.16.Like Uber, Lyft is trying to focus on profitable growth by curtailing the discounts and incentives it initially used to hook new riders and drivers. The San Francisco-based company has also sought to trim costs. Last month it said it would cut 90 jobs as part of a larger restructuring effort.Lyft said it will continue to expand its partnerships with other companies, like the one it recently struck with JPMorgan Chase & Co. offering perks for some cardholders. It will also pursue contracts with health-care companies and other enterprise customers. Corporate clients tend to ride often, and the business is considered high-growth and high-margin. The move represents a step onto Uber’s turf, which has long been a destination for business riders and continues to be a focus for the company in 2020.“We really want to win on product innovation, on customer experience and brand preference,” Lyft Chief Executive Officer Logan Green said on a call with investors Tuesday, “not on things like coupons or incentives.”For 2020, Lyft said it expects to generate $4.58 billion to $4.65 billion in revenue and projected that it will narrow its losses before interest, taxes and other expenses to $450 million to $490 million, from $678.9 million in 2019.Some analysts have flagged a new California law reclassifying many gig economy workers as employees as a risk for Lyft, Uber and others, potentially triggering price hikes estimated to be as high as 30%. Roberts waved off concerns about the law’s impact, saying Lyft was “100% focused” on putting an alternative measure on the November ballot and has already helped collect 325,000 of the 500,000 signatures required by May to qualify.(Updates with quotes from the CEO in the 12th paragraph.)To contact the reporter on this story: Lizette Chapman in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Andrew Pollack at email@example.com, Anne VanderMey, Alistair BarrFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Lyft reported fourth-quarter results that topped consensus expectations, driven by better than expected rider growth in the last months of 2019.
While Lyft reported record quarterly revenue of more than $1 billion, it failed to change its target to achieve profitability on an adjusted basis by the end of 2021. This was in contrast to its larger rival Uber Technologies Inc , which last week moved its own profitability target, previously the same as Lyft's, to the fourth quarter of 2020.
The T-Mobile and Sprint merger. A look at some quarterly earnings results. What to expect from Lyft after the closing bell. And why Splunk (SPLK) is Zacks Rank 1 (Strong Buy) stock right now...
Lyft's (LYFT) fourth-quarter revenues are likely to have been aided by high customer adoption and market share gains. However, investments and insurance cost are likely to have weighed on the bottom line.
What started out as a temporary pilot project to test a robotaxi service in Las Vegas has turned into a multi-year partnership between self-driving software company Aptiv and Lyft and a new milestone that suggests the operation is ramping up. The companies announced Tuesday that they’ve given 100,000 paid rides in Aptiv’s self-driving vehicles via the Lyft app. "To our knowledge, this is the largest open-to-the-public commercial pilot," Aptiv Autonomous Mobility President Karl Iagnemma said in a recent interview.
Federal Reserve Chairman Jay Powell heads to Capitol Hill for two days of testimony, plus Under Armour and Lyft deliver fourth quarter results Tuesday.
(Bloomberg) -- Uber Technologies Inc. failed to persuade a judge to shield its drivers from California’s gig-worker protection law while the company challenges the landmark measure in court.A federal judge in Los Angles rejected a request by Uber and Postmates Inc. to temporarily block enforcement of Assembly Bill 5, which aims to convert gig-economy workers from independent contractors to employees with benefits. Uber and Postmates didn’t ask the judge to shield other companies from the law.U.S. District Judge Dolly M. Gee had signaled during a Feb. 7 hearing that she would deny the preliminary injunction sought by Uber and Postmates.Gee concluded in an order posted Monday that the public interest weighs “in favor of permitting the state to enforce this legislation,” while acknowledging the companies’ claim that it poses “irreparable harm” for them.The status of drivers for the companies is critical to the companies’ business models, and is also of keen interest to potential investors. Postmates said last February that it had filed confidentially for an initial public offering. Since then, the company hasn’t moved ahead publicly with an IPO.Uber’s $8.1 billion IPO in May was the largest of the year in the U.S. Its shares have sunk 11% since then. Lyft Inc., which raised $2.34 billion in March, has fallen 25% from its offer price.In the next phase of the case the companies will try to convince Gee that A.B. 5 violates guarantees of equal protection under the federal and state constitutions. But the judge said in her ruling it’s unlikely that Uber and Postmates will prevail on the merits of their claims.California Attorney General Xavier Becerra argued the constitutional claims will fail because the state legislature has a prerogative to stop the gig economy’s exploitation of workers.“State legislators had the opportunity to expand benefits for hundreds of thousands of independent workers in California, a step Uber has been advocating for and one that other states already have taken,” Uber said in a statement. “Instead, they passed A.B. 5 using a biased and overtly political process that ignored the voices of the workers most affected by the law and granted preferential treatment to an arbitrary group of industries.”Postmates said the ruling is a disappointment for a pair of workers who joined the companies in filing the suit to “protect their flexibility and income.”“As witnessed by truckers, freelance journalists, and countless other occupations, A.B. 5 is undercutting workers across the economy, and Postmates remains committed to the modernization of worker classification and worker protections,” the company said in an email. Becerra’s office said it’s pleased with the ruling and “will continue to defend laws that are designed to protect workers and ensure fair labor and business practices.”As multiple court battles play out, gig companies are working on other fronts to rein in the law. Uber, Lyft, Postmates, Instacart and DoorDash have pledged $110 million for a ballot measure to change A.B. 5.Signed by California Governor Gavin Newsom in September, A.B. 5 says workers can generally only be considered contractors if they perform duties outside the usual course of a company’s business. Uber filed its suit Dec. 30, two days before A.B. 5 took effect.The case is Olson v. State of California, 2:19-cv-10956, U.S. District Court, Central District of California (Los Angeles).(Updates with Postmates comment in 10th paragraph)To contact the reporters on this story: Joel Rosenblatt in San Francisco at firstname.lastname@example.org;Josh Eidelson in Palo Alto at email@example.comTo contact the editors responsible for this story: David Glovin at firstname.lastname@example.org, Peter BlumbergFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.