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Ride-sharing company Lyft, Uber’s biggest rival in the United States, reported mixed earnings on Wednesday, outperforming on revenue but failing to add new riders to the platform.
“The Omicron variant has had a significant impact on ride volumes,” said Logan Green, chief executive of Lyft, speaking to investors. “The rapid increase in infections was correlated with a reduced demand for carpooling. However, since the peak in the US has now peaked, we expect demand to begin to recover. »
The service had 18.7 million active passengers in the last quarter of the year, less than the 20 million that analysts had anticipated, and still nearly 3 million less than the comparable pre-pandemic period.
Shares of the San Francisco-based company fell more than 6% after hours trading.
Brighter spots came via other metrics. Revenue hit $970 million for the quarter, up 70% from the same period last year, and well ahead of Wall Street expectations of about $940 million, consensus data shows. of FactSet.
Earnings per active passenger — $51.79, an all-time high — were driven by higher fares due to driver shortages and more airport pick-ups, typically a more lucrative fare .
Quarterly losses were down year-on-year — $259 million from $458 million — but were still higher than the $176 million loss analysts had expected, according to S&P Capital IQ.
Ebitda-adjusted earnings — the company’s preferred measure of performance — came in at $74.7 million, slightly above estimates.
Overall, Lyft’s full-year revenue showed a sizable rebound from pandemic-hit 2020, rising 36% to $3.2 billion.
Uber reports its results after the closing bell tomorrow.