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Lyft down in after-hour trading following revenue beat

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Lyft reported quarterly revenue that beat expectations, posting $570M in revenue compared to consensus estimates of $561M. Yahoo Finance’s Ines Ferre joined Yahoo Finance Live to break down the other key metrics.

Video Transcript

ADAM SHAPIRO: You know what, I got to hold on. We have Lyft earnings are out. And we're going to Ines Ferré for the latest on this. Ines.

INES FERRE: Yeah, that's right, Adam. Taking a look at the top line. Revenue for Lyft coming in at $570 million. That was a beat. Revenue expectations were for 561 million. Revenue decreased 44% year over year, but it does show a 14% improvement from the previous quarter.

Also, the company said it saw recovery trends from Q3 to Q4 of last year, but that latter part of Q4 was negatively affected by a surge of COVID-19 cases. Taking a look at adjusted EBITDA loss, that came in at $150 million. That's narrower than what the Street had been expecting. Also an improvement from the previous quarter, where losses came in north of 230 million.

Brian Roberts, CFO for Lyft, in written commentary said in the fourth quarter the company exceeded its target cost reduction by 20%. Remember, they announced layoffs last year. Also talking about recovery trends for 2021.

While the first quarter of 2021 continues to be uncertain because of COVID headwinds, the company should experience a growth inflection beginning in the second quarter and strengthening in the second half of the year. Adam.