Shares of Lyft (LYFT) fell as much as 7% in extended trading after the ride hailing company issued disappointing fourth quarter earnings.
Lyft reported fewer riders than analysts expected in the fourth quarter as the Omicron variant of Covid-19 damped travel.
The company reported 18.7 million active riders in the quarter, up 49% from a year earlier, though well short of the 22.9 million in 2019. Analysts were expecting 20 million active riders.
Lyft said it saw a significant jump in revenue per active rider, which reached an all-time high of $51.79 U.S. The increase stems largely from an improvement in the mix of shorter rides and generally pricier airport trips, which doubled from last year.
The boost in rider revenue helped push total revenue in the fourth quarter up 70% from a year earlier to $969.9 million U.S., the San Francisco-based company said. That surpassed the $940.4 million U.S. analysts were expecting, according to data from Refinitiv.
Adjusted earnings before tax and depreciation were $74.7 million U.S. in the quarter, lower than the $75.7 million U.S. that analysts had expected.
Lyft reported its net loss narrowed to $258.6 million U.S., or 75 cents U.S. a share, from a loss of $458.2 million U.S., or $1.43 U.S. a share, a year earlier. It was still wider than the $171.2 million U.S. loss analysts forecast.
Lyft closed the year with its first annual profit on an adjusted EBITDA basis. For fiscal 2021 that profit was $92.9 million U.S., compared with a loss of $755.2 million U.S. in fiscal 2020.
