Lyft shares fell more than 36% on Friday after the ride-hailing company posted weaker-than-expected Q4 and full-year 2022 earnings on Thursday.
Lyft reported $1.2B in Q4 revenue, up 21% YoY and up 12% from the previous quarter. The company posted a net loss of $588.1M compared to a net loss of $283.2M reported in Q4 2021.
- Full-year 2022 revenue was $4.1B, up 28% YoY, and net loss widened to $1.6B from $1.1B reported in 2021.
- In November, Lyft announced it was laying off about 13% of its workforce, or about 700 people, in a bid to cut operational costs.
- Lyft said it expects Q1 2023 revenue of about $975M.
- Lyft shares closed at $10.31 on Friday; the company is down ~7% YTD.