The stock of Lyft (LYFT) is down more than 30% after the rideshare and delivery company issued weak forward guidance as part of its latest earnings report.
The San Francisco-based company reported a loss per share of $0.74 U.S. on revenue of $1.18 billion U.S. for the fourth and final quarter of 2022.
However, Lyft said it expects to earn about $975 million U.S. in revenue during the current first quarter of 2023, lower than the $1.09 billion U.S. that analysts had expected.
The stock immediately fell 33% in after hours trading.
Lyft recorded 20.3 million active riders in its latest quarter, effectively flat from the previous quarter but up 8.7% year-over-year. However, the company’s active riders remain below pre-pandemic levels.
The company reported a net loss of $588.1 million U.S. for the quarter, more than double the loss it posted in the year earlier period.
Lyft began a company-wide restructuring last November that’s aimed at reducing its operating expenses.
Prior to the latest selloff, Lyft’s stock had been down 62% over the past 12 months at $16.22 U.S. per share.
