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LYFT Gains on Narrower-Than-Expected Q1 Loss & Revenue Beat

·3 min read
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Lyft, Inc. LYFT incurred a loss (excluding 95 cents from non-recurring items) of 36 cents per share in the first quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 54 cents. Moreover, total revenues of $609 million surpassed the Zacks Consensus Estimate of $556.8 million. Following this better-than-expected performance, shares of the company gained 6.1% in after-hours trading on May 4.

The top line, however, declined 36.3% year over year due to 36.4% drop in Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app). Active Riders totaled 13.49 million in the quarter under review. This San Francisco-based company’s Revenue per Active Rider inched up 0.2% year over year to $45.13.

With continued recovery in rideshare rides, Lyft’s first-quarter performance improved sequentially. Total revenues increased 7% from the fourth quarter of 2020 with 7.5% rise in Active Riders. During the first-quarter conference call, the company stated that it expects ride volumes to continue to improve as more Americans get vaccinated and coronaviurs-led restrictions ease. It remains confident of being able to achieve adjusted EBITDA profits in the third quarter itself.

Lyft, Inc. Price, Consensus and EPS Surprise
Lyft, Inc. Price, Consensus and EPS Surprise

Lyft, Inc. Price, Consensus and EPS Surprise
Lyft, Inc. price-consensus-eps-surprise-chart | Lyft, Inc. Quote

Adjusted EBITDA loss for the first quarter improved $12.2 million year over year to $73 million. The adjusted EBITDA loss margin came in at 12% compared with 8.9% in the year-ago period. Total costs and expenses fell 25.1% year over year to $1.02 billion in the quarter.

Contribution deteriorated 38.4% year over year to $337.3 million. Contribution margin dipped to 55.4% from 57.3% a year ago. Lyft, carrying a Zacks Rank #3 (Hold), exited the first quarter with unrestricted cash, cash equivalents and short-term investments of $2.2 billion compared with $2.25 billion at the end of 2020.

Performance of Other Computer & Technology Stocks

Within the broader Computer and Technology sector, AMETEK, Inc. AME, T-Mobile US, Inc. TMUS and Carrier Global Corporation CARR recently reported earnings numbers.

AMETEK’s first-quarter 2021 adjusted earnings of $1.07 per share beat the Zacks Consensus Estimate by 4.9%. Net sales of $1.22 billion surpassed the Zacks Consensus Estimate of $1.17 billion. The stock carries a Zacks Rank #3.

T-Mobile, carrying a Zacks Rank #3, reported first-quarter 2021 earnings of $0.92 per share, beating the Zacks Consensus Estimate of $0.55 per share. Total revenues of $19.76 billion surpassed the Zacks Consensus Estimate by 4.85%.

Carrier Global, carrying a Zacks Rank #2 (Buy), reported first-quarter 2021 adjusted earnings of 48 cents per share, beating the Zacks Consensus Estimate by 26.3%. Net sales of $4.70 billion beat the consensus mark by 6.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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