00:00It's Benzinga bringing Wall Street to Main Street.
00:02Lyft shares fell after the company reported fourth quarter results that missed expectations
00:07and analysts cut price targets, according to Benzinga.
00:10Gross bookings rose 18.6% year-over-year to $5.1 billion,
00:15but came in below expectations, according to Wedbush analyst Scott Devitt.
00:20Total rides increased 11.4%, the low street estimates of 17.3%
00:25and management's mid-to-high teens outlook.
00:28Wedbush lowered its price target on Lyft to $13 from $16
00:32and reiterated an underperformed rating, citing weaker ride growth,
00:37modest guidance, and concerns about the company's ability to meet long-term targets.
00:41The firm said Lyft likely lost U.S. mobility market share to Uber,
00:45as Uber's consolidated trips rose 22% year-over-year in the same period.
00:50Lyft expects first-quarter adjusted EBITDA of $120 million to $140 million.
00:57Shares were down 16.97% at $13.99 on Wednesday's close,
01:04according to data from Benzinga Pro, Waymo's Chinese rival.
01:07For all things money, visit Benzinga.com.
Comments